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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

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'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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CIBC Capital Markets: Steady for now, CIBC economists weigh the strong November jobs report vs. Omicron uncertainty.
  • CIBC said it's "hard to argue that there’s a lot of slack in the economy in terms of room for heady job gains ahead. So if there were no other developments to consider, next week’s Bank of Canada meeting would be an opportunity to reinforce the message that rate hikes are on the table for no later than April 2022.
  • But the mutated elephant in the room is omicron, and what it means for growth and inflation ahead.
Desjardins Financial Group: While a rate hike is the next likely step after the Bank concluded its bond purchases at the October meeting, Desjardins economists concede a rate hike now "is still premature.
  • Significant uncertainties remain, particularly with an emerging Omicron variant and persistent excess production capacity in some sectors."