Ahead in the day, the Canadian economy will publish its employment data for the month of May. Forecasts expect the jobless rate to remain unchanged at 7.2% and the Net Change in Employment to rise by 15K. “After displaying an inordinate amount of strength through the end of last year, the pace of hiring has slowed in recent months. This weakness is likely to have spilled over into May”, noted Alvin Pontoh, Macro-Strategist at TD Securities.
USD/CAD is flat at 1.0265 facing the next hurdle at 1.0324 (MA10d) followed by 1.0389 (high Jun.3) and finally 1.0421 (high May 29). On the downside, a violation of 1.0204 (MA55d) would expose 1.0198 (low Jun.6) and then 1.0181 (low May 17).
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