- November 8, 2019
- Posted by: John Curran
- Category: Market News
Good afternoon,
Canada employment data missed estimates reporting a net loss of -1.8K new jobs from forecasted 15.9K for the month of October. The net participation rate remained unchanged along with the unemployment rate also unchanged for last month at 5.5%. The CAD has lost some significant ground on the jobs miss with the USD reaching the highest level against CAD since mid-October. US/China trade negotiations will continue to dominate the overall market sentiment with the US confirming their agreement to roll back tariffs being one of the major sticking points to have a preliminary agreement in place for a trade summit next month. Further progress in global trade negotiations could appreciate emerging market and commodity currencies as risk comes off the safe haven USD. Some resolve on trade can also spur demand for oil increasing the CAD in tandem. Major support at 1.3115 and resistance of 1.3275 at 200 day moving average.