Employment Data Week
We’ll have to wait until Friday for the release of employment data from both sides of the 49th parallel. In the United States, a rebound to 180,000 positions created is expected after a Q3 that posted the lowest growth in 3 years. The Canadian labour market should also post a good performance, with the creation of 30,000 positions, thanks to hiring in the education and public sectors. As you can guess, the federal elections contributed to creating jobs.
Last week was very volatile for the loonie, because of major variations in crude oil prices, multiple comments from central banks and GDP data. Canada’s real GDP for August, which was released on Friday, increased by 0.1% and should reach from 2.5% to 3% in Q3 (Bank of Canada estimate). The loonie ended the week by making major gains against the euro and the greenback. This represents a good opportunity for clients who buy euros.
