Canada Net Change in Employment Preview: Better June figures to bring USD/CAD back to 1.3430

FXStreet Team FXStreet

Canadian job gains are expected to more than double in June while the Unemployment Rate is set to drop to 12% from 13.7 in May. The USD/CAD pair would benefit from better June job figures, Joseph Trevisani, an analyst at FXStreet, reports.

More – Canada Net Change in Employment Preview: Seven major banks expectations for June jobs report

Key quotes

“The net change in employment in June from Statistics Canada is forecast to add 700,000 positions following the May addition of 289,000. The forecast for the May number when it was released on June 5 was for loss of 500,000 jobs. Unemployment is expected to drop to 12% in June from 13.7% in May.”

“The US dollar has been pulled in two directions in the major pairs over the past three weeks. On one side the improving economic data in the US and to a lesser degree elsewhere has removed the pandemic risk-premium. At the same time the rising tide of coronavirus cases, even if not accompanied by increasing fatalities, has stoked fears of the long-bruited second wave of the pandemic.”

“A better than expected figure from the Canadian job market may be enough to push the Canadian dollar higher, back through the panic jump off point of 1.3430.”

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FXStreet Team

FXStreet

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