USDCAD to breach sticky resistance at 1.38 on weak Canadian jobs pared with firm NFP USDCAD Canada NFP Employment Banks
On-consensus CAD jobs unlikely to do much for the Loonie
“Payrolls data will be rather important for USDCAD as the USD leg has been very dominant in driving variation in the pair. But we see a limit to USD dips with a resolutely hawkish Powell. Slippage in Canadian data is likely to become magnified in USDCAD rather than on CAD crosses, but we think over time, this will reverse course as the acute pressures Canada faces are consumer related.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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