Economic Commentary
- The quest for records continued on markets for a third day in a row, with the S&P 500 closing above 1,625 points, despite a U.S. economy struggling to get back up to speed, a slowing Canadian economy and a still-shaky Europe. No doubt the liquidities supplied by central banks are in large part responsible... How did we get here? Will the rise continue for some time to come? -- These are the questions we will try to answer Monday in our weekly FX Snapshot!
- Meanwhile the USD/CAD pairing remains stable having stayed within a thin 20-point range overnight as we await Friday's jobs figures. Should data surprise analysts, as has been the case with the past five reports, the loonie will react strongly. Be ready, call your trader to put in your orders!
- Today, Canadian Housing Starts for April will be released. Economists expect a figure of 175k, or 9k less than the last reading. Gardy Pharel.
- Range of the day: 1.0010-1.0080.
- Range of the next 5 days: 0.9950-1.0260.