Canada’s jobs report will be released today. An upside surprise will increase the chances of seeing a 50 basis point hike from the Bank of Canada (BoC) next week, ING economists report.
Employment figures are key for the BoC
“Consensus is for a very small increase of 10,000 new workers, and there’s a good chance we’ll see a negative reading. This would likely keep markets tilted in favor of a 25 basis point rate hike by the BoC next week (an increase of 30 basis points is currently valued in the price). However, we see room for some upside surprise today in the jobs numbers and see a higher probability of another 50 basis point rise by the BoC.”
“USD/CAD could retest the 100-day SMA at 1.3290 soonbut would need a more consistent rebound in crude oil prices to maintain bearish momentum.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
