Counter currency weakness and oil moves are once again the main drivers for the Loonie, but late week positive Canadian economic updates help lift CAD to a strong finish.
Canadian Headlines and Economic data
- IHS Markit Canada Manufacturing PMI: Manufacturing downturn sustained in May
- Oil prices rise as Saudi Arabia suggests OPEC will keep limiting output
Weak oil is most likely the catalysts for the mid-week pullback in Loonie pairs as both oil and CAD fall together and despite positive labor update.
- Labour productivity of Canadian businesses increased 0.3% in the first quarter, following a 0.4% decline in the fourth quarter of 2018
- Oil rises nearly 2% as Saudi Arabia signals OPEC deal extension
- Canada adds 27,700 jobs in May, unemployment rate hits record low 5.4% – This was a very good number for the Loonie, which was likely helped higher as the U.S. simultaneously released a disappointing employment update to help lift the other majors higher.