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Canadian dollar benefits from a double whammy, from OPEC and Canada’s employment numbers

By MoneyWay | Dec 7, 2018

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OPEC and its allies, finally broke an impasse over production curbs, agreeing on a larger-than-expected cut, agreeing to remove 1.2 million barrels a day from the market, with OPEC itself shouldering 800,000 barrels of the burden. Iran emerged as a winner from the contentious talks, saying it’s secured an exemption from cuts as it suffers the effects of U.S. sanctions. Crude surged as much as 5.8 percent in London, raising the risk that the deal could anger U.S. President Donald Trump, who had urged the group to keep the taps open and prices low.

Canada’s employment increased by 94,100 in November, led by mostly full-time jobs that were broadly-based across industries, Statistics Canada said Friday from Ottawa. That’s the largest one-month gain in records dating back to 1976. The jobless rate dropped to 5.6 percent, also the lowest in the data, from 5.8 percent in October. Even the oil-producing hub of Alberta showed strength, adding 23,700 jobs on the month and pushing down the unemployment rate to 6.3 percent, near its lowest since 2015.

However, given this good news, the China crisis still overhangs global markets, equities are still in negative territory and traders are awaiting today’s outcome in Vancouver of Huawei’s executive’s bail hearing.

Expect further volatility.

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