Surprisingly weak labour market likely to put pressure on the CAD
“Probably only another strong labor market report – especially compared to the US data – could fuel expectations for a further BoC rate step, which is likely to support CAD. Strong data could certainly lead to rate cuts, which the market has clearly priced in for this year, being postponed, i.e. narrow the gap to market“As regards the simmering uncertainty on the market possible CAD gains as a result of strong labour market data should remain limited though.
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