Chart prepared by James Stanley

NFP, CANADIAN jobs NUMBERS ON DECK; POWELL SPEECH AHEAD OF US MARKET CLOSE

Tomorrow's economic calendar brings Non-Farm Payrolls out of the United States, and we're also getting Canadian Jobs numbers at the same time; making for an especially pensive backdrop in USD/CAD.

But that's not all that this Friday holds, as we're also going to get a speech from Fed Chair, Jerome Powell, at 1:30 PM ET. While it may be hard to imagine how a speech from a Fed Chair a few hours ahead of markets closing for the week may not work out well for stocks, it's important to note that after each of Mr. Powell's appearances in March, a degree of risk aversion began to show. Earlier in the month at Humphrey Hawkins, stocks took on a fairly nasty tone after his first day of speaking and largely remained until he finished a couple of days later. And then we had the rate hike later in the month, and that was followed by another rather nasty spill in US equities. So – traders may want to be a bit more balanced as we go into that speech than if this were Janet Yellen.