Canadian Employment Beats Expectations
he Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.72 and gold is at $1,276. US futures are higher. Today both Canada and the US released employment data for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2881. Support is at 1.2643.
The Canadian dollar is sharply higher early in today’s session, following today’s dual employment report. Canadian employment was far stronger than expected, adding ~35k jobs against expectations of 15k. More encouragingly, full-time positions increased drastically (+88.7k), with part-time work falling. This data is encouraging following softer economic releases of late, and will firm expectations for future monetary policy tightening. The US added 261k jobs, against expectations of 312k. Trade data revealed export growth is still lagging to some extent. There are no additional data releases scheduled for the remainder of today’s session.