CAD: Looking ahead to employment data at 13:30GMT

Author: Giles Coghlan | Category: News

Watch for a dovish shift - the view below from Adam's pad ;-)

Watch for a dovish shift - the view below from Adam's pad ;-)
The expectations for the CAD employment data are:

  •  +15k jobs 
  • +2.5K fulltime and +12.5K partime
  • unemployment rate of 5.5%. 
At the last BoC rate meeting the bank was erring towards the dovish side. Therefore, a weak reading today would give CAD bears the reason they need to sell the CAD. That's the trade to watch for today - weak CAD employment. Remember, traders will check all the metrics of the data point and not just the headline before committing. 

Current chances of a BoC rate cut in December is 14.3% prior to the data. 
BoC
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