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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Canadian Job Numbers Improve; Oil Up After US Airstrike in Syria

Published April 7, 2017
  • Canadian Employment Change improved above expectations at 19,400 new jobs versus an expected 5,000; Canadian Unemployment Rate stood steady at 6.7%, as expected
  • US Non-Farm Employment Change numbers vastly disappointed with a reading of 98,000 new jobs versus an expected 180,000; US unemployment rate fell by 4.5% versus an expected 4.7%
  • The loonie is largely benefiting from better Canadian job numbers and the surprise drop in US job growth; movements in oil are also affecting the Canadian dollar
  • Oil prices rose higher today after the US launched missiles at a Syrian airbase, raising concerns that increased conflict could spread in the oil-rich region; news of production cuts in the Canadian oil sands have also helped rally oil prices
  • Geo-political fears have sent shockwaves through the market, causing a bullish run in oil despite a lack of fundamentals supporting a higher price; Syria has limited oil production, however, its location and alliances with major oil producers stoke fears that escalation could affect long-term supply
  • US President Donald Trump and Chinese President Xi Jinping had a cordial start to their two-day summit; the leaders spent Thursday dining as Trump hailed the US friendship with China, saving detailed discussions on trade and geo-politics for later today