USD/CAD: Job Report Enough For BoC To Hike This Month – CIBC

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The Canadian dollar enjoyed a superb jobs report: back to back gains of around 79K. What are the implications for the loonie? Here is the view from CIBC:

Here is their view, courtesy of eFXnews:

CIBC Research discusses the reaction to today’s Canadian jobs report for the month of December.

“The books closed on a phenomenal year for Canadian employment with another spectacular result for December. Jobs surged by 79K, dropping the unemployment rate two ticks to 5.7%.

In our judgement, that should be enough to see the Bank of Canada hike rates later this month, with the employment figures more than enough to offset recent disappointments on GDP. The gains in December were partly skewed toward part-time work, but full-time positions still added 24K.

Today’s figures should be massive catalysts for the C$, and negative for the front end of the curve,” CIBC argues.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.