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Continued economic growth giving further reason for markets to move higher

By MoneyWay | May 5, 2021

The ADP private payrolls number came in nicely, companies are boosting production as consumer demands grow, therefore the need to hire more staff. Better than expected earnings, such as General Motors, analyst upgrades on stock recommendations, oil now $66 USD a barrel, these news items are adding up to a very rosy outlook for the USA. Canada still has some catching up, the Canadian dollar however is holding in strong to the USD and will likely remain around these levels in the short term. The percentage of Canadians who are vaccinated compared to the US is still low, and with time they should catch up and with that Canada’s consumer sentiment should improve and although its employment numbers are not bad there is opportunity for lower unemployment rates.

Expect a narrow range today.

Currently*          Close                     Range

USDCAD               1.2265                   1.2309                   1.2252-1.2314

EURCAD               1.4712                   1.4787                   1.4721-1.4792

GBPCAD               1.7055                   1.7091                   1.7047-1.7115

*Indication only

                                                                                                          Prior                      Actual

US: Petroleum Status Report wk4/30

                                Crude Oil Inventories W/W                          0.1M Brls             -8.0M Brls

                                Gasoline Inventories W/W                           0.1M Brls             0.7M Brls

       ISM Services Index April                                                        63.7                        62.7

       ADP Employment Report April

                                Private Payrolls M/M                                      565K                      742K

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