We'll be watching the commodity prices again for the next little while in terms of direction for the Canadian dollar. We've gone through now C$1.14 and we're in a new range again.

There's very little direction. Everyone's tuning into (the payrolls figures) especially since the Fed has been talking about watching incoming data for guidance on how they're going to move in March.

The strength in this component, which includes apparel and home entertainment goods, bodes well for Christmas retail sales.

A rise in longer-term bond yields would arguably be seen as doing some of the Fed's tightening work.

The main factor behind the Canadian dollar appreciation is likely the expectation of tomorrow's Bank of Canada statement accompanying the widely expected hike.

The overall tone of the report is pretty mediocre at this point.