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.
