Both US and CAD jobs reports largely met consensus expectations, leaving a roughly neutral impact on the dollar. Nevertheless, economists at TD Securities expect USD/CAD to rise towards 1.40.
The next main target is 1.40
“The bottom line is that while both reports show signs of some moderation in the labor market, we believe the impact on the USD is broadly neutral at this point.”
“USD/CAD is likely to lurch higher but the market may have to wait for US CPI and perhaps CAD before securing a new yearly high.”
“We see strong support to buy on USDCAD dips around 1.3600/40. A push above 1.38 will reopen 1.40 risk. We think we will need a bit more time to get there but fate remains nonetheless being bullish.”
Source: Fx Street
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