The Canadian dollar took advantage of the Labour Day holiday on Monday to gain ground against the greenback helped by the price of Brent crude oil, which rose close to 1.71%.
The loonie continued its surge from Friday further to the release of disappointing U.S. job creation numbers and Canadian trade balance data. Canadian exports saw an impressive rebound in the third quarter after experiencing a substantial downturn the previous quarter. It is important to remember that wildfires in Alberta temporarily interrupted petroleum exports headed to the US.
The Australian dollar is up this morning, after the Reserve Bank of Australia’s board opted to keep its key rate unchanged.
On Friday, we’ll be keeping an eye on Canadian labour-force data. Our economics and strategy group anticipates a rebound in Canadian job creation in August after the sizeable downturn the previous month. We will also be paying close attention to the Bank of Canada’s meeting on Wednesday. No new monetary stimulus measures are expected. Have a great day!
Mark Donohue
- Range of the day: 1.2850 – 1.2950