Loonie price action was mostly choppy as traders balanced a broad risk-on lean vs. mixed but arguably net negative Canadian economic updates.
Canadian Headlines and Economic data
On top of the positive economic updates from Canada, CAD was likely supported by the pop in Oil as it hits 13-month highs.
“On an annual basis, foreign investors acquired a record amount of $141.1 billion of Canadian debt securities in 2020.”
The Canadian Real Estate Association said “actual sales, not seasonally adjusted, rose 35.2% from a year earlier, while the group’s HomePrice Index was up 13.5% from last January and up 1.9% from December.”
“The December total of jobs added was revised from -28,800 to 338,200.”
“Analysts in a Reuters poll had on average, forecast a 2.5% decline in overall sales in December. Statscan revised November’s gain up to 1.8% from an initial 1.3%.”
“Brent crude futures ended the session down $1.02, or 1.6%, at $62.91 a barrel while U.S. West Texas Intermediate (WTI) crude fell $1.28, or 2.1%, to settle at $59.24.”