The end of the week was marked with Canadian job data for August. At first glance, the data were excellent, with 22,200 positions created instead of the expected 15,000. What’s more, the unemployment rate dipped from 6.3% to 6.2%. However, if we dig deeper, the situation is not as good as it appears. The country created 110,400 part-time jobs, while shedding 88,100 full-time positions, which represents the worst performance since July 2010. Although conclusions should not be drawn from one negative data point, the U.S. dollar was able to enjoy a moment of respite against the loonie on Friday. However, the CAD was able to close out the week up close to 2% against the greenback and appears to be headed for a positive opening this morning.
Hurricane Irma was downgraded to Category 2 as it hit Florida on Sunday. More than 3 million homes were without power and millions of others could be affected in the coming days. U.S. President Donald Trump has declared a state of emergency in Florida.
Today, we’ll be keeping an eye on Canadian Housing Starts for August.
Yusuf Kocagozli