1. Shutdown Over — Let the Data Flow
The U.S. government shutdown is over!
Finally, we can get the official data flowing again. Top of my list: how’s the U.S. consumer holding up?
I expect data showing some deceleration — not a collapse.
We’ll also finally see where the official jobs data stands.
2. Canada Shocks Everyone With Jobs Surge
The Canadian economy added 67,000 jobs in October — a huge surprise as economists expected a loss of 5,000.
The unemployment rate dropped below 7%, proving every forecast wrong.
Even Parliament couldn’t resist making a “6-7” joke about it.
Interestingly, part-time employment rose 85,000, which raises a question — is that truly as healthy as it looks?
3. S&P 500 Holds Key Support — Rally Ahead?
If you watched the charts on Friday, you’d have noticed the S&P 500 found strong support around its 50-day moving average and closed above it.
So… do we rally?
Historically, that 50-day level has acted as a launch pad. If the pattern holds, we could see a 2–3% bounce in the next few weeks.
But don’t lose sight of the bigger picture — this could still be a short-term move.
4. Metals Heating Up Again
Gold and silver are catching a strong bid, with copper, palladium, and platinum following suit.
Why?
Mainly due to expectations that upcoming U.S. economic data will show weakness, prompting rate cut hopes, and renewed noise around a potential U.S.–China deal.
There’s also some noise about the $2,000 tariff payment — possibly adding to the bullish sentiment in metals.
5. Dollar Still Firm, Loonie Weak, Yields Elevated
The U.S. Dollar Index is cooling slightly, but still trending upward. Keep it on your radar.
The Canadian dollar continues to weaken against the USD, and if it breaks below 0.70, that could reinforce the downtrend.
Yields remain at or above 4%, which is not to be taken lightly.
And in Canadian housing — fixed mortgage rates haven’t really dropped, but variable rates are easing a bit. If you’re renewing soon, remember: going fixed means paying a lot for certainty.