The monthly jobs report from Canada last week saw the unemployment rate tick higher than expected to 7.10%, up from 7.00% previously. This figure starkly contrasted with forecasts, missing estimates expecting the Canadian unemployment rate to decline to 6.90% over the month. On the monthly employment change, the Canadian economy added 12,100 new jobs, outperforming the median estimates of 10,500. The economy on the whole continues to add a stable and sustainable number of jobs despite reports of layoffs from the energy patch on account of falling crude oil prices. The gains in WTI has helped the Canadian dollar to also gain against the Greenback with any protracted rally in crude oil benchmarks anticipated to add to the tailwinds lifting the Loonie. The USDCAD currency pair fell -1.56% for the week, breaking below the 1.30 psychological round number support level.
Commodity Risk Assets Hit Bullish Note
Analisi Giornaliera - 12/10/2015