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July 8, 2023 | Tech Talk for Saturday July 8th 2023

Don Vialoux

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Donald Vialoux is author of the free blog Tech Talk, a daily investment report available during the past 20 years at www.timingthemarket.ca. Comments focus on the seasonal and technical outlook for equity indices, commodities and sectors. Mr. Vialoux has 53 years of experience in the investment industry and is a past president of the Canadian Society of Technical Analysts (CSTA).

The Bottom Line


Equity markets on both sides of the border are on central bank watch. In Canada, the Bank of Canada is expected to increase its interest rate for Canadian banks on Wednesday from 4.75% to 5.00%. The BOC is expected to respond to continuing strength  in Canada’s employment. The June Employment report reported on Friday included a surprisingly strong increase in employment, another 60,000 positions versus consensus for a 20,000 increase. Upward pressure on wage rates continues, which in turn, puts upward pressure on consumer prices. Another increase in the BOC rate is justified in order to dampen inflation pressures.

 

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July 8th, 2023

Posted In: Tech Talk

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