CAD: Another hot jobs report puts January hike back on - TDS

FXStreet Team FXStreet

Analysts at TDS explain that it was another blockbuster job report for Canada in December with 78.6k jobs created, crushing a consensus of 2k and their bearish call of -10k.

Key Quotes

“Unemployment crashed to its lowest on record at 5.7% whereas average hourly earnings jumped to 2.9%. All quite great.”

“International trade for November disappointed with a $2.5bn deficit, falling short of expectations (TD: -$1.0bn, market: -$1.1bn). Details showed a sharp increase in both exports and imports.”

“Rates: Markets are now pricing in a better than two-thirds chance of a rate hike for the January FAD, and although we believe that markets are pricing in too much good news for the BoC, the sell-off in Canada likely has further to run now that markets have shifted back to an imminent tightening bias.”

“FX: Stronger data momentum and a break of key technicals should keep USDCAD's downward bias intact. Look for the 1.25-1.30 range to give way to 1.20-1.25.”

Author

FXStreet Team

FXStreet

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