The USDCAD lost almost 0.40%, with the loonie supported by broad USD weakness and higher WTI oil prices. Data coming from Canada was mixed, payrolls beat estimates, but mainly driven by part-time workers, while hourly earnings rose less than expected (+3.5% vs. 3.7% expected) and the Unemployment rate increased to 6% (versus 5.8% expected).
Also, Canada’s trade deficit increased more than expected in May, showing the impact the tariffs game might be having in trade. Still, probabilities for a rate hike from the Bank of Canada this week spiked again, reaching 86%, the highest level since February. On a light week of data for Canada, we’ll only get a sneak peak at the housing market before the rate decision on the 11th.