Markets Finishing Week On Positive Note

The Canadian dollar is steady after falling to eight-day lows yesterday. The Loonie is off to a strong start to the year, but it seems to be exaggerated. ADP estimated yesterday that Canada lost about 13k jobs in December (though it did revise its November estimate to 74k from 39k) citing losses in trade and transportation sectors. Today Canada reports December CPI figures. Due to the base effect, a 0.4% decline in the headline pace that is expected will keep the year-over-year rate at 1.7%. The three core rates that are published are also expected to be unchanged at 1.9%. The technical tone of the Canadian dollar is turning, and the US two-year premium over Canada has begun widening, which is also supportive for the greenback.  We look for a test on CAD1.3365 over the next couple of weeks.  

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Read more by Marc on his site Marc to Market.

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