When is the Canadian monthly jobs report and how could it affect USD/CAD? – Crypto News – Crypto News
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Unemployment Rate declines to 5.1% in November vs. 5.3% expected Unemployment Rate declines to 5.1% in November vs. 5.3% expected

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When is the Canadian monthly jobs report and how could it affect USD/CAD? – Crypto News

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3 years ago

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Canadian employment details overview

Statistics Canada is scheduled to publish the monthly employment report for December later this Friday at 13:30 GMT. The Canadian economy is anticipated to have added 8K jobs during the reported month, down from November’s reading of 10.1K. Furthermore, the unemployment rate is anticipated to edge higher from 5.1% to 5.2% in December.

How could the data affect USD/CAD?

The data is more likely to be overshadowed by the simultaneous release of the closely-watched US jobs report – popularly known as NFP. That said, a significant divergence from the expected readings might still influence the Canadian Dollar and provide some meaningful impetus to the USD/CAD pair.

Ahead of the key releases, a modest downtick in crude oil prices is seen undermining the commodity-linked Loonie. This, along with a strong follow-through buying around the US Dollar, assists the USD/CAD pair to capitalize on the overnight bounce from the vicinity of the 100-day SMA and gain traction for the second successive day.

Any disappointment from the Canadian employment details could further weigh on the domestic currency and provide an additional boost to the USD/CAD pair. Conversely, stronger data might do little to benefit the Canadian Dollarsuggesting that the path of least resistance for the major is to the upside.

Key Notes

, Can Canadian jobs numbers change the BOC’s mind?

, USD/CAD Outlook: 100-day SMA holds the key for bulls, US/Canadian jobs data awaited

, USD/CAD climbs back closer to mid-1.3600s, focus remains on US NFP/Canadian jobs data

About the Employment Change

The employment change released by Statistics Canada is a measure of the change in the number of employed people in Canada. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive, or bullish for the CAD, while a low reading is seen as negative or bearish.

About the Unemployment Rate

The Unemployment Rate released by Statistics Canada is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the Canadian Economy. If the rate is up, it indicates a lack of expansion within the Canadian labor market. As a result, a rise leads to weakening of the Canadian economy. Normally, a decrease of the figure is seen as positive (or bullish) for the CAD, while an increase is seen as negative or bearish.

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