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Canadian employment is expected to slightly disappoint - TDS

FXStreet (Córdoba) - Canadian employment is expected to slightly disappoint, according to TD Securities, with a forecasted decline of 5k jobs (market: 10k).

Key Quotes

“There is a seasonal quirk related to the education sector that would imply a strong rebound but we do expect weakness in other sectors to provide an offset”.

“The Canadian employment numbers should hold little to no implications for monetary policy so we think the focus should be on US payrolls to dictate price action for USDCAD”.

“Overall, the employment figures will hold no major impact on Bank of Canada policy. Fair value opens at 1.3210 today, which is broadly in line with spot. We spot resistance at 1.3220, which if breached should see USDCAD easily challenge 1.3280/1.3300. On the downside, initial support comes in at 1.3160/70 followed by 1.3100/20”.

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