December 7, 2022

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USD/CAD slips below 1.25 ahead of Canadian jobs data

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Locked and loaded for Canadian employment data

Locked and loaded for Canadian employment data

It’s jobs Friday with Canadian bacon on the menu.

This is a big employment report because it represents a few provinces that reopened in June and comes ahead of next Wednesday’s BOC meeting. A true taper is on the table but Macklem hasn’t offered much in terms of guiding how large it will be.

A strong jobs report could accelerate the timeline to end government bond purchases and USD/CAD at 1.25 will give them some breathing room on the currency.

The consensus today is for 195K jobs and unemployment down to 7.7% from 8.2%.

USD/CAD was last down 41 pips to 1.2491.

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