It's hard to imagine that individual month-to-month figures are going to have much bearing.
The Canadian economy is alive and well and will continue to grow. This will be near-term positive for the Canadian dollar.
Keep in mind that auto shipments and sales tend to be quite volatile. They've been really going up and down pretty wildly over the last few months, and so I'd be hesitant to read too much into any one reading.
We certainly do think there are another two (rate hikes) left in the Bank of Canada before they tag out.
I don't think there has been much of an impact at all from the election because, certainly a minority was expected, a minority was the outcome.
Basically, it's the same underlying picture and certainly supportive of the monetary policy action they've been undertaking.
This report was largely in line with expectations. It was a grim report.
There are some weak spots in the report and that's what the market is responding to.
Clearly, many of these automakers are encountering pretty substantial troubles and I think it is going to be a tough time for both the workers and the companies going forward - we'll just have to see how rough it is.
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