USD/CAD juggles around 1.3700 ahead of US/Canada labor market data

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The USD/CAD pair trades topsy-turvy near the round-level support of 1.3700 in the European session. The Loonie asset is expected to remain sideways as

USD/CAD trades sideways around 1.3700 as the focus shifts to US/Canada Employment data. The US private sector hired 89K job seekers in September, halved from the August reading of 180K. Canada’s fresh payrolls are seen lower at 20K and the jobless rate is seen higher at 5.6%. investors await the labor market data of the United States and Canada for September month. S&P500 added some gains in the London session while the market mood was quiet.

San Francisco Fed Bank President Mary Daly said that another rate hike may not be needed if the labor market slows, inflation remains around 4% and financial conditions remain tight. On the Canadian Dollar front, investors are also awaiting the labor market data. As per the estimates, fresh payrolls were lower at 20K from the August reading of 39.9K. The Unemployment Rate is seen increasing by a tick to 5.6% from the former release of 5.5%.

 

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