For the week of November 17 to 21
It is a quiet schedule in Canada today with just three economic releases. Int’l Securities Transactions has released this morning at 4.37B this in comparison to the August numbers in which foreigners bought 10.28B of Canadian Securities. Existing Home Sales for the month of October will release this morning, for some comparison, the September numbers showed a 1.4% drop in sales. The final release in Canada today is Bloomberg Nanos Confidence for the week ending November 14. Last week Canadian sentiment regarding the strength of the economy, job security, real estate in their neighbourhood and their personal financial situation released at 57.8 and additionally in last week’s release Ontario Consumers replaced Albertans as Canada’s most confident.
Looking to the rest of the week it is a fairly quiet docket, with the highlight of the week being CPI on Friday. Consumer Prices, measuring the prices paid by consumers for a basket of consumer goods and services, on a monthly basis released in September at 0.2%; survey’s expect this will be the same for the October period.
South of the border this week there is a little more action with front runner releases of Industrial Production, Producer Prices, Mortgage Applications, Housing Starts and CPI. This morning Empire Manufacturing has released at 10.16 up from the October release of 6.17. Industrial Production for the month of October will also release this morning with surveys expecting 0.2%, this would be a 0.8% drop from September.
Looking to the loonie, CAD is slightly down in the opening of the North American session today. With recent economic data painting a stronger than expected picture and Friday’s news of the House approving the Keystone pipeline these are all good signs for the Canadian dollar, though this is still in light of the plummeting oil prices we have seen recently which have not been in CAD’s favour. Looking at the week ahead US data will be the main driver for USD/CAD leading into Friday’s Canadian CPI.
Today’s Expected Range 1.1270 – 1.1370
Posted by Concentra Financial Markets