Weekly FX Wrap Up
Steve Brown, Senior Corporate Trader | Stevebrown@vbce.ca
The CAD weakened for the most part this week as GDP data missed estimates including negative revisions to previous data. The BOC governor had recently warned that Canada's surprise early economic success of 2016 would not be sustained. After nearing a 1 month high on Thursday, USDCAD dropped 2 cents to trade near 1 month lows Friday as the U.S. posted its worst job creation numbers in nearly 6 years. The USD was a strong performer in May aided by increased bets on a June Fed interest rate hike. After Friday's poor showing, June probabilities are near zero.
On Tap for Next week:
Monday June 6th: Fed Yellen speaks
Tuesday June 7: Canadian Ivey PMI
Wednesday June 8: Crude oil inventories
**Friday June 9: Canadian jobs data – exp. 5.0k (prev –2.1k) unemployment: exp. 7.1% (prev. 7.1%)
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