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
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