-- According to Avery Shenfeld, we could next Friday see a second monthly rebound in LFS employment coming on the heels of a huge drop in February. But, Shenfeld also said, higher labour force participation might leave the unemployment rate stuck at an elevated 6.7% for April. Indeed, weak summer job prospects for students could offset hiring for the census and see the jobless rate tick a bit higher ahead, he added. CIBC forecasts a 20k rise in employment, compared to a consensus 5k.
On Tuesday, Shenfeld said, we'll see the first month of higher oil prices narrow the trade deficit in March, with more of that on the table for April. CIBC forecasts a deficit of $2.2 billion for March, versus a consensus deficit of $2.8 billion.
Also on the calendar for next week is a $17.6 billion auction of 3-M BILLS, $6.2 billion auction of 6-M BILLS and $6.2 billion auction of 1-YR BILLS on Tuesday. IVEY PMI for April is due Wednesday, in addition to the auction of $5.5 billion in 2-YR CANADAS.