Canada (9th largest economy) is uniquely exposed to both U.S. economic conditions and commodity prices. Key indicators: (1) Employment Change (released same day as U.S. NFP) — Canada's labor market data often foreshadows Bank of Canada decisions. Full-time vs. part-time breakdown matters: full-time job gains are more bullish for CAD. (2) WTI crude oil price is the single biggest driver of CAD — Canada is the 4th largest oil producer. Every $10 WTI increase strengthens CAD by ~1-2 cents vs. USD. Oil-weighted TSX Energy sector (~17% of TSX) correlates >0.8 with WTI. (3) BOC rate decisions — BOC often moves ahead of or behind the Fed. BOC-Fed rate differential drives USD/CAD. When BOC cuts before Fed, CAD weakens; when BOC holds while Fed cuts, CAD strengthens. (4) Housing data — Canadian housing is one of the world's most expensive (price/income). CREA housing starts and average prices signal financial stability risks. (5) Trade balance — heavily commodity-dependent. Lumber, potash, and energy exports fluctuate with global demand cycles.