Labor market data from both Canada and the US Came in hot on Friday. The Canadian Dollar does seem vulnerable as USDCAD eyes the 1.3900 mark
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Oct 6, 20232023-10-05 11:17:34US Nonfarm Payrolls Rise by 336,000 vs 170,000 Expected, U.S. Yields Shoot Up as Gold Prices Slide. What Now?had finally broken above the October 2022 descending trendline this week but has since run into some resistance just shy of the 1.3800 mark. This could just be a short-term retracement before a bullish continuation.
The immediate aftermath of the data releases saw increased probabilities for rate hikes from both the US Federal Reserve and the Bank of Canada . Money markets price in a 38% chance of a Bank of Canada rate hike on October 25th, up from 28% before the jobs data.The next seven days are dominated by US data before Canadian inflation on the October 17. US inflation is the biggest risk event to USDCAD in the week ahead and should be an intriguing one following today’s strong labor market data.
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