SUMMARY
The beginning of November we didn’t see much data out of Canada. The Canadian dollar had slight losses last week, closing at 1.339. Governor Stephen Poloz had a speech as well this past week. GDP rose 0.2% in August, following a 0.4% increase in July. The loonie traded mostly sideways last week despite all the data that was released from Canada and the US.

TECHNICAL SUMMARY
The Canadian dollar didn’t perform particularly well this past week, with the US dollar rising to an eight month high against the loonie. This is due to data that was released this past week from both the US and Canada.
-USDCAD closed lower @ 1.33959 for the week.
-CADJPY closed lower @ 76.879 for the week.
-GBPCAD closed @ 1.67703 for the week.
-EURCAD closed @ 1.49202 for the week.
-CADCHF closed @ 0.72226 for the week.
-AUDCAD closed @ 1.02821 for the week.
-NZDCAD closed @ 0.98176 for the week.

COMMITMENT OF TRADERS REPORT AS OF TUESDAY 1ST NOVEMBER

EURCAD: buyers & sellers increased , a decrease in weekly close price & net noncommerical positions (Bearish)
GBPCAD: neutral buyers & sellers (no significant increase or decrease), a decrease in weekly close price & net noncommerical positions (NB*both closed @ same level-Bearish)
CADJPY: buyers & sellers @ neutral with no major indicator of an increase or decrease, an increase in weekly price close & decrease in net noncommerical positions (Bearish)
CADCHF: a decrease in buyers & sellers, a decrease in weekly close price & decrease in net noncommerical positions (below water mark)
AUDCAD: an increase in buyers & sellers, increase in weekly close price & in increase in net noncommerical positions (Bullish)
NZDCAD: a decrease in buyers & sellers, slight increase in weekly close price & decrease in net noncommerical positions

FUNDAMENTALS

INDUSTRIAL PRODUCT PRICE INDEX, MONTHLY CHANGE
-IPPI rose 0.4% in September
-Higher prices for energy and petroleum products
-Chemical & chemical products rose in September (+1.0%)

INDUSTRIAL PRODUCT PRICE INDEX, 12 MONTH CHANGE
-IPPI declined 0.5% over 12 months period
-IPPI excluding energy & petroleum products rose 0.2%
-Chemical & chemical products prices fell (-2.1%)

RAW MATERIAL PRICE INDEX, MONTHLY CHANGE
-RMPI decreased by 0.1% after 0.7% decline in August
-Decline in animals & animal products due to an increase in conventional crude oil (+2.4%)
-RMPI excluding crude energy products decreased by 1.6%

RAW MATERIAL PRICE INDEX, 12 MONTH CHANGE
-RMPI fell 1.9% in September
-Prices for crop products fell (-3.5%)

GROSS DOMESTIC PRODUCTS
-GDP rose 0.2% in August, following a 0.4% increase in July
-Output of goods producing industries grew 0.7% in August (Main contributers: mining, quarrying, oil & gas)

BANK OF CANADA (GOVERNOR STEPHEN POLOZ’S SPEECH)

Governor Stephen Poloz spoke at an event this past week, and in his speech he highlighted how ” inflation-target renewal helps give certainty in uncertain times.” In his speech he said that the inflation targeting agreement between the bank & the federal government has helped Canadians spend & invest with more confidence.
“Twenty-five is the silver anniversary, but inflation targeting has truly been golden,” Governor Poloz said. “As an approach to monetary policy, inflation targeting has proven its worth repeatedly, both in good economic times as well as turbulent ones.”
“Twenty-five is the silver anniversary, but inflation targeting has truly been golden,” Governor Poloz said. “As an approach to monetary policy, inflation targeting has proven its worth repeatedly, both in good economic times as well as turbulent ones.”

EMPLOYMENT CHANGE

-Employment rose by 44,000 (+0.2%)
-Unemployment rate remained at 7.0%
-Employment increased by 140,000 (+0.8%) in the last 12 months

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