Friday’s high: C$1.6483
Friday’s low: C$1.6363
CAD Bolstered by Robust Employment Data
The Canadian Dollar punched higher on Friday afternoon as Canada’s employment data proved to be unexpectedly robust, holding at a near 9-year low of 6.2% in September instead of rising to 6.3% as some economists had forecast.
Further strengthening the ‘Loonie’ at the end of last week’s session was the latest Ivey PMI, with the measure of business confidence jumping from 56.3 to 59.6 last month.
Meanwhile the Pound was weakened on Friday as a group of Tory rebels pushed for Theresa May to step down as PM, unsettling investors who fear the impact further political uncertainty may have on Brexit negotiations.
CAD Outlook: UK Trade Balance to Disappoint?
Sterling may tumble again at the start of the week as the UK publishes its latest trade balance figures on Tuesday, with economists forecasting that the trade deficit will have widened in August.
Meanwhile, the Canadian Dollar may strengthen on Tuesday with the release of the latest domestic housing data, with the value of building permits expected to have rebounded by 1.7% in August after previously declining by 3.5%.
09:30 UK Trade Balance Aug
13:30 CA Building Permits Aug
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