TD releases their latest on the economy. Here are the highlights for Canada.
• The Federal Conservative Party finally secured a majority government in Monday’s election. They plan to pass the
budget they tabled back in March. This was a non-event for markets, as the budget details have already been baked
into the economic outlook.
• Commodities took a major hit this week, with the WTI price of oil moving below $100 per barrel.
• While the Canadian dollar fell in lockstep with the price of oil, stronger-than-expected employment reports in the U.S. and Canada provided some support to the loonie, keeping it at a still lofty $1.04 U.S. by week’s end. The Canadian economy added a sizeable 58,000 jobs in April, and the unemployment rate edged down to 7.6%.
For the full report, click here.