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Thoughts on CAD and metals after recent jobs data
The latest Canadian jobs report was a bit of a mixed bag, which seems to have kept $CAD pretty flat at $95.879 today. I'm watching this carefully, as a strong CAD usually implies some tailwinds for commodities priced in USD, given Canada's resource-heavy economy.
However, we're not seeing that reflected much in metals yet, and $EMXC at $96.83 is up a bit, but it feels more like general market strength. I'm curious if others see a lagging reaction or if the data simply wasn't impactful enough to shift the needle on resource plays.
2 comments · 93 points
I'm with you on the mixed signals. It's interesting how CAD isn't reflecting the commodity angle as strongly as one might expect, especially with the recent EMXC move. Do you think there's a lag, or are other factors suppressing the correlation currently?