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Canadian dollar falls ahead of key job data - MarketPulse
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Markets eye US, Canadian job data - MarketPulse
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CDN slightly higher ahead of job report
March 12, 2021SharePrint
The Canadian dollar is slightly higher in the Friday session. Currently, USD/CAD is trading at 1.2550, up 0.18% on the day.
Canada employment data expected to accelerate
The Canadian dollar has enjoyed a solid week, with gains of close to one percent. The currency could pad those gains before the week is out, if Canada’s job numbers improve in February as expected. The street consensus is that the economy created 98.5 thousand jobs, which would be a huge turnaround, after the dismal read of -212.8 in January. The unemployment rate is expected to fall to 9.2% from the current 9.4%.
Canada ADP jobs report plunges
February 18, 2021SharePrint
The Canadian dollar is down slightly in the Thursday session. Currently, USD/CAD is trading at 1.2703, up 0.02% on the day.
Loonie yawns as ADP nonfarm payrolls slides
Canada’s ADP nonfarm payrolls report has managed just one gain over the past five months, pointing to weakness in the labor market. After a small decline in December of -28.8 thousand, January was a disaster, with the economy shedding some 231.2 thousand jobs. The ADP report comes after the official Stats Canada release two weeks ago (Employment Change), which came in at -212.8 thousand, its worst reading since April 2020, when the economy was largely shut down due to Covid-19. These releases point to significant weakness in Canada’s labor market. Still, investors did not pay all that much attention to the ADP report, perhaps expecting a sharp decline after the official release. The response of the Canadian dollar has been muted on Thursday.
USD/CAD continues to show limited movement. There are three events on the calendar in the upcoming week, including Employment Change. Here is an outlook for the highlights and an updated technical analysis for USD/CAD.
Canada Building Permits showed a decline of 4.1% in December, the second decline in three months. Canada GDP in November was unexpectedly strong with a gain of 0.7%, up from 0.4%. This reading easily beat the forecast of 0.4%. The Raw Materials Price Index jumped 3.5% in December, its highest level in six months.
In the US, CB Consumer Confidence rose to 89.3, up from 87.1 beforehand. Durable Goods Orders continued to slip, falling to 0.2% in December. This was well short of the forecast of 1.0%. The Federal Reserve policy meeting reiterated a dovish stance and Fed Chair Powell poured cold water on speculation that the Fed would taper its QE program in the near future. Advance GDP for Q1 posted a respectable gain of 4.0%, close to the estimate of 4.2%.
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