On Friday the Canadian dollar initially jumped on the employment and trade surplus data but then dropped to 75.5 cents US. Part of the drop was on the back of decent US unemployment numbers which showed wage gains on the rise which points to a stronger economy south of the border.
Unemployment numbers in Canada were very strong and showed one of the best monthly gains since March 2012. Canada added 53,700 net new jobs, all of them full-time employment. In general analysts had expected no gains in employment.
As well, Canada posted the first trade surplus since September 2014, another sign that the economy is picking up.
TSX Composite Index Falls 90.53 Points
The TSX Composite Index had a terrific rally period over the Christmas holiday, rising 1.4 percent. The drop on Friday shaved 0.58% off the rally but left the index at 15,496.05.
Here is the Canadian Stock Market outlook for Monday Jan 9 2017. The outlook includes the latest update to the TSX Market Direction Portfolio.
The rest of the Canadian Stock Market Outlook for tomorrow is for FullyInformed Members.
TSX Composite Index – Canadian Stock Market Outlook for Jan 9 2017
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