Canada: Expecting relatively modest labour market gains in November – TD Securities

Matías Salord FXStreet

On Friday, the NFP report and in Canada job figures will be released. Analysts at TD Securities expect the Canadian unemployment rate at 6.6% in November (in line with market consensus) and a positive net change in employment of 37K.

Key Quotes:

“We look for relatively modest labour market gains in November with another 30k jobs added, pulling the UE rate 0.1pp lower to 6.6%. Job growth should be driven by full-time employment, but we will not see the impact of BC floods due to an early reference week. We also look for a sharp uptick in wages, reflecting a combination of base-effects and recent momentum.”

“Barring a very significant surprise, the focus should be on US payrolls where we expect a strong report. We think the CAD's losing streak may be coming to an end. 1.28/29 in USDCAD looks toppish to us but we think better prospects may be had against the funders. We are particularly focused on CADJPY.”

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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