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The Canadian dollar traded mixed at first, but took the top spot among the major currencies.  It was lifted by a bounce in oil prices on Thursday, as well as positive economic updates from Canada at the end of the week.

Overlay of CAD Pairs: 1-Hour Forex Chart
Overlay of CAD Pairs: 1-Hour Forex Chart
CAD Weekly Performance from MarketMilk
CAD Weekly Performance from MarketMilk

Canada Headlines and Economic data

Monday:

Canada Building Permits Fall 14.6% in October – “The previous month’s data was revised to show building permits increased 18.6% in September, compared with a previous estimate of a 17% advance.”

Canada Current Account Deficit Widens in 3Q to C$7.53 Billion

In October, the Industrial producer prices declined 0.4%. (Lumber and other wood products fell 7.0%, mainly driven by lower prices for softwood lumber (-12.7%). Raw material producer prices was up 0.5%

Prices for animals and animal products increased 2.6%, mostly due to higher prices for hogs (+16.9%); strong global demand for pork is responsible for supporting these higher hog prices.

Crop product prices were up 3.1%, led by increases in prices for other crop products (+3.2%), canola (+3.4%) and wheat (+7.5%). Strong demand from China, as well as concerns about production and cold winter weather played a part in these price increases.

Tuesday:

Sharp expansion in Canadian manufacturing output maintained in November

Canadian economy notches record growth in third quarter – “Canada’s Q3 annualized growth soared 40.5%, rebounding from a historic plunge in the second quarter, while September real GDP rose by 0.8%.”

Wednesday:

Record decline in Canadian labor productivity following record increase the previous quarter – Labour productivity of Canadian businesses dropped -10.3% in the third quarter vs. +10.5% in the second quarter

Thursday:

OPEC+ agrees slight easing of oil cuts from January – “OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day”

Friday:

Canada added 62,100 jobs in the month, triple the median forecast in a Bloomberg survey and down only modestly from the 83,600 gain in October – “The labor market has recovered 81% of the 3 million positions lost during March and April.”

In October, Canada’s merchandise exports increased 2.2%, partially on higher exports of pharmaceutical products.

Oil moves up towards $50/barrel after OPEC+ supply compromise

Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart