Economists expect Canada to report a loss of jobs after seven months of gains. A disappointing report, alongside US payrolls, could be the catalyst to trigger a pare back in stretched CAD positioning. Analysts at TD Securities look to 1.28 in USD/CAD as a key resistance marker to accelerate the upside. See – Nonfarm Payrolls Preview: Forecast from five major banks for December jobs report Key quotes “We forecast -125K jobs lost in December, which would match the largest single-month decline before COVID-19 but is far less severe than the historic job losses in March/April 2020. 125K jobs lost in December should leave the unemployment rate sitting at 8.7%, up 3.2pp from the start of the year, with an offsetting decline to labour force participation.” “The jobs report comes at an interesting juncture for USD bears. The backup in US fixed income yields has caused some concern that the recent consolidative tone in the broad USD might be the start of a corrective bounce higher. A larger disappointment in this jobs report versus consensus could exacerbate that concern and stretched position.” “This number will also have to compete for attention with US payrolls, where we also forecast a negative number. Confirmation of both could see the CAD further pare back its gains in recent weeks. 1.28 will be the key resistance marker for USD/CAD; if broken, CAD longs could be more significantly pared back.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NFP Preview: USD to continue strengthening but only in the short-term FX Street 11 months Economists expect Canada to report a loss of jobs after seven months of gains. A disappointing report, alongside US payrolls, could be the catalyst to trigger a pare back in stretched CAD positioning. Analysts at TD Securities look to 1.28 in USD/CAD as a key resistance marker to accelerate the upside. See – Nonfarm Payrolls Preview: Forecast from five major banks for December jobs report Key quotes “We forecast -125K jobs lost in December, which would match the largest single-month decline before COVID-19 but is far less severe than the historic job losses in March/April 2020. 125K jobs lost in December… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
