Canadian Dollar Flat on Lower Weekly Earnings, Drop in Wholesale Sales

The Canadian dollar is trading relatively flat against most currency rivals on Thursday as traders digest the newest data that offer a mixed portrait of the national economy. The modest gain in crude oil prices could not lift the loonie higher toward the end of the trading week.

According to Statistics Canada, average weekly earnings for non-farm payroll employees rose 3.3% year-on-year in October to $1,042. This is down from the 3.7% increase in September. The wage gains were led by administrative services (9.1%), utilities (9.1%), and arts and entertainment (7.1).
Private companies added 30,900 workers to their payrolls last month, following a 2,900 jump in the previous month, the latest ADP data found. The surge was driven by education and health care (18,700) and transportation, utilities, and construction (5,400).
In October, wholesale sales tumbled 1.1%, down from a 0.8% boost in September. The market had penciled in a drop of just 0.1%. Wholesale receipts slipped in four of the seven subsectors, led by machinery, equipment, and supplies with a -4.5% slide.
This comes after the seasonally adjusted consumer price index (CPI) climbed by from 1.9% in October to 2.2% in November and manufacturing sales dropped 0.7% last month.
Investors will now look ahead to October and November housing prices and November retail sales numbers.
Meanwhile, energy prices failed to lift the loonie on Thursday as February West Texas Intermediate (WTI) crude oil futures tacked on $0.27, or 0.44%, to $61.20 per barrel on the New York Mercantile Exchange. Oil remains Canada’s biggest export, so any change in prices can impact economic growth.
The USD/CAD currency pair edged up just 0.03% to 1.3123, from an opening of 1.3116, at 17:25 GMT on Thursday. The EUR/CAD added 0.17% to 1.4600, from an opening of 1.4577.

If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

Original from: www.earnforex.com