Canada’s manufacturing sales rose by 0.5%, beating expectations. Foreign securities purchases also came out better than expected at 16.81 billion.
USD/CAD is falling to 1.2748. This is also due to the series of disappointments in US data. Everything is pushing USD/CAD lower.
Update: the ADP NFP came out and it shows a drop of 5.7K jobs in Canada, worse than the official data. This seems to limit the gains of the C$.
Dollar/CAD is falling to the lowest levels of the day, trading around 1.2743. Support awaits at 1.27.
ADP routinely publishes its jobs report for the US, two days before the official Non-Farm Payrolls report. In America, it serves as a warm-up. This is the first report for Canada, published for the month of October, so, therefore, lagging the official report in this case.
At the same time, Canada also published foreign securities purchases, which carried expectations for rising to 10.68 billion after 9.85 billion beforehand. The manufacturing sales measure was forecast to drop by 0.4% after rising by 1.6% in the previous month.
USD/CAD was very stable around 1.2760. Oil prices are on the back foot.
At the same time, the US also published a raft of economic indicators: jobless claims, the Philly Fed manufacturing index, and import prices.
More: USD/CAD: Bottom; Scope For A Recovery Against 1.2460 -BofAML