A Quick Update

Another week, another record high for gold! This morning gold jumped to an all time high based on the concern of inflation and ever weakening U.S. Dollar. The commodities market opened up this morning to a 2 year high.

Our Canadian Dollar which its strength is many times linked to increasing commodity prices is at a 3.5 year high.  Our jobs report came in slightly weak, but with all the fundamentals out of the way and the commodities market rising, the Canadian Dollar looks robust.

Oil, Unemployment and the Canadian Dollar

It looks like we will be paying more for gas at the pump for a while. Oil rose to almost a 2 ½ year high this morning as economic data from China shows hope of growing demand. China is the world’s biggest energy user. Fighting in Libya has continued and the risk is always that it will spread to other Middle East countries which produce the oil. May futures are now trading at almost $107.50USD/barrel.

 

Here at home in Canada, it seems the consensus is that the unemployment rate will likely hold at 8.9%. Canada’s employment report will be released at the end of next week. This morning, the Canadian dollar is gaining across the currency board.