Canadian dollar awaits jobs print
Daily Currency Update
Demand for the Canadian dollar started the day down against its US counterpart as oil prices continue to fall to fresh one-month lows. The WTI prices have fallen over $12 a barrel in the last week. Western Canadian prices have likewise lost $13 a barrel since last week. Canadian investors are focused on the Canadian jobs release for September due this morning. Expectations are that Canada added 20,000 new positions last month. A big beat or miss could move the currency accordingly.Key Movers
Demand for the United States dollar held onto the gains it has made recently against most majors heading into today’s Non-Farm Payrolls report. Economists expected the economy to have added 170,000 jobs in September. Earlier this week, the ADP Private Payrolls data missed expectations, and showed a gain of 89,000 verse the expected 153,000. If today’s data is a similar miss, investors may continue to put money into US bonds which have become the focus of the investment world recently.Oil continued the downward trend this week. After topping out at $93 a barrel last week, West Texas Intermediate (WTI) prices have fallen to the $81 range, the lowest in a month.
The euro has reversed its slide against the USD in the last couple of days as markets move focus away from the disappointing PMI data from earlier this week. The pair could start sliding again though if the jobs numbers in the US this morning disappoint.
Expected Ranges
- EUR/CAD: 1.4413 - 1.4491 ▼
- GBP/CAD: 1.6668 - 1.6783 ▼
- AUD/CAD: 0.8689 - 0.8779 ▼
- USD/CAD: 1.3690 - 1.3781 ▼