CAD: Trade balance and employment data in focus this week – RBC CM

FXStreet (Delhi) – Research Team at RBC CM, suggests that today’s release of Canadian nominal goods trade balance should improve to –C$1.8bn in November, from –C$2.76bn in October, retracing some of the deterioration in the balance over the last few months despite lower oil prices in the month.

Key Quotes

“On a volumes basis, we should see a larger improvement (from a C$1.5bn surplus in October). As always, watch for revisions on previous months with this release.”

“Employment (Fri): We are expecting 15K in employment gains in December, following an outsized 36.7K decline in November. We should see services employment up 30K (after a 82K decline in November) and goods employment down 15K (after a 46K increase in November). With the net gain roughly equating to trend labour force growth, the unemployment rate is expected to hold steady at 7.1%.”