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The comments are more hawkish with the theme of killing inflation still the major theme. That has not been done yet. The USDCAD has dipped modestly but remains near the highs for the day. The pair is up 0.8% on the day. Earlier today, the price based against the 100 hour moving average and then raced above its 200 hour moving average currently at 1.36726. That moving average level is a risk defining level for buyers looking for more upside. For sellers, getting below back below that moving average would increase the bearish bias.
Tomorrow, both the US and Canada will release their employment data. For Canada, the expectations are for an employment change of 19.5K after a -39.7K decline last month. The unemployment rate is expected to remain steady at 5.4%.
In the US the nonfarm payroll is expected to rise by 265K vs. 315K last month. Average hourly earnings are supposed to rise by 0.3%, and the unemployment rate is expected to remain steady 3.7%.
When both the US and Canada release their jobs on the same day the focus tends to be on the USD side of the equation. As a result traders will be focused on the technical levels in play.
USDCAD still above its 200 hour moving average
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