Attention shifts to Canadian job data
The loonie lost ground Thursday despite the substantial jump in crude oil prices, with WTI gaining more than 4.7%. The Energy Information Agency (EIA) announced that U.S. Crude Oil Inventories were down 14.5 million barrels last week, the biggest one-week drop since January 1999 according to Bloomberg. It should be noted that Hurricane Hermine temporarily interrupted oil shipments as well as offshore platform activity in the Gulf of Mexico.
This morning, results of August’s Canadian Labour Force Survey will be released at 8:30. Canada has experienced its most substantial full-time job loss since March 2009, shedding 111,500 full-time positions over the past two months. Our economists expect a rebound in the job reading of around 35,000 positions. The loonie should react favourably to such a gain, even though the average over the past 12 months remains weak.
