Daily Currency Update

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The Loonie continues to struggle after weaker employment numbers in Canada.

CAD - Canadian Dollar

The Loonie continues to fall, despite a decent bounce in the price of crude oil after a weekly government report showed a smaller-than-anticipated rise in U.S. crude-oil inventories. The main drivers for the USD/CAD to the upside are the speeches from governor council member Wilkins two days ago and another new speech coming later today from BoC Governor Poloz.

The only essential piece of economic information released this morning came from the ADP non-farm employment change. According to the ADP Canada National Employment Report, employment in Canada decreased by 22,600 jobs from September to October. Ahu Yildirmaz, Vice President and Co-Head of the ADP Research Institute, said, "…the labor market paused in October, and most job sectors posted declines... however, leisure and hospitality experienced again likely due to the seasonality nature of the industry." The USD/CAD rose to 1.3324 (weaker Loonie) after the total of jobs added in September was revised down from 28,200 to 25,700.

Key Movers

According to Bloomberg, British opposition Labour Party leader, Jeremy Corbyn, will unveil an election manifesto today promising radical changes across the economy, with, "…bankers, billionaires and the establishment" targeted. However, the GBP/USD pair rises in spite of this news, because market participants still only see a conservative victory coming from the December 12th vote.

The ECB monetary policy meeting account was released this morning, which, in summary, resulted in officials agreeing to stay put at the Oct 23-24 meeting, which was Mario Draghi's last time as ECB President. It seems that the stimulus package disclosed a month earlier is a work in progress for the European economy. Regarding the European economic outlook, officials noted that incoming data left questions as to whether the Euro Zone's economic weakness would last even longer than expected. The EUR/USD touched a low of 1.0989 on November 14th, but it reached an intraday high of 1.109 only two hours ago.

Expected Ranges

USD/CAD: 1.3264 - 1.3325 ▼

EUR/CAD: 1.4695 - 1.4773 ▼

GBP/CAD: 1.7172 - 1.7272 ▼

AUD/CAD: 0.9025 - 0.9069 ▼

NZD/CAD: 0.8514 - 0.8570 ▼