Canada continues to shed jobs at an alarming rate. Given the Canadian population is roughly 1/10th the size of the US, the 82,600 drop in employment is really bracing. The unemployment rate rose to 7.7%.
USD/CAD is holding within recent ranges with modest losses in line with the broader dollar dip yesterday. A sustained break of the 1.2700 area would signal a near-term top is in place. USD/CAD trades now at 1.2815.
