GoCs reversed lower, pressured by the rally on Wall Street and the spike in crude oil to US$52/bbl. Yields headed lower in early trade, playing catch up with Treasuries following Friday's disappointing U.S. nonfarm payrolls report. But dovish comments from Fed's Dudley helped support stocks and changed fortunes for GoCs. Also, the Bank of Canada Business Outlook Survey was no worse than feared, suggesting that the Central Bank will stay sidelined on interest rates next week; the rally in crude oil improved the domestic outlook; and the market braced for pick-up in supply this week. USD-CAD found support ahead of Friday's low at 1.2426. And the S&P/TSX Composite rallied in tandem with Wall Street and commodity markets
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
