USD/CAD pushes higher, Canadian employment next

Kenny Fisher MarketPulse

The Canadian dollar has edged lower on Friday. In the European session, USD/CAD is trading at 1.3767 at the time of writing, up 0.19%.

The Canadian dollar has hit a rough patch and is on a seven-day slide in which it has fallen 1.6%. On Thursday, the Canadian dollar weakened to 1.3775, its lowest level against the US dollar since August 7.

Canada’s job growth expected to rise slightly

Canada releases the September employment report later today, with no dramatic changes expected. Job growth is expected at 27 thousand, compared to 22.1 thousand in August. The unemployment rate is projected to tick up to 6.7%, following 6.6% in August.

The Bank of Canada has been a leader in the new rate-cutting cycle, having already cut rates by a quarter-point three times this year. This has brought the cash rate down to 4.25% but the economy has been slow to respond and the BoC is expected to continue cutting rates. The BoC doesn’t want rates to diverge to widely from those in the US and will be keeping a close eye on the Fed’s expected cuts in November and December.

The US ends the week with the producer price index for September, which could be a mixed bag. Headline PPI is expected to tick lower to 1.7% y/y, compared to 1.6% in August. The core rate, however, is projected to rise to 2.7%, up from 2.4% in August. With inflation largely beaten, the Federal Reserve’s primary focus has shifted from inflation to employment. Still, an unexpected PPI reading in either direction could have an impact on the movement of the US dollar today.

USD/CAD technical

There is resistance at 1.3782 and 1.3822.
1.3735 and 1.3695 are the next support levels.

Author

Kenny Fisher

MarketPulse

A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities.

GBP/USD slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD declines to near 1.1400 as German inflation undercuts ECB hike bets

The EUR/USD pair loses momentum to near 1.1410 during the early Asian trading hours on Wednesday, pressured by receding bets for aggressive tightening by the European Central Bank (ECB). Traders will take more cues from the preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone and US Manufacturing Purchasing Managers Index report, which are due later in the day.

Gold hangs near YTD low, below $4,000 as Iran risks and Fed hike bets bolster USD

Gold attracts fresh sellers following the previous day's good two-way price swings, and slides back below the $4,000 psychological mark during the Asian session. This marks the third straight day of a negative move and keeps the precious metal well within striking distance of its lowest level since November 2025, touched on Tuesday.

Cardano consolidation near support as bearish momentum eases

Cardano (ADA) trades around $0.146 on Wednesday, stabilizing after a sharp correction as selling pressure eases. Weakening derivatives metrics indicate traders remain cautious, while fading bearish momentum indicators suggest a potential recovery for ADA. Cardano’s derivatives metrics support a negative outlook.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The European Central Bank Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Federal Reserve, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.