Canadian jobs report overview
Statistics Canada will publish its labour market figures for the month of November later during the early North-American session at 13:30 GMT. Consensus forecasts suggest the unemployment rate holding steady at 5.8% and the number of employed people to rise by 11K.
Meanwhile, strategists at TD Securities are looking for the Canadian job growth to pick up to 25k in November, led by further strength in services and explain: “This should help the unemployment rate push lower to 5.7% although a deceleration in wage growth to 1.8% y/y will take away from the upbeat tone of the headline print.”
How could it affect USD/CAD?
Mario Blascak, FXStreet’s own European Chief Analyst notes: As Canada’s labour market report is synchronized with the one from the US Labor Department, the US non-farm payroll report is likely to steal the show leaving Canadian employment report playing a second division game. With the USD/CAD at the highest level since July 2017, only a remarkable Canadian employment in combination with US NFP disappointing can support Loonie.
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About Canadian jobs report
The employment report released by the Statistics Canada is a leading indicator for the Canadian Economy. A rise in the employment change/fall in the unemployment rate has positive implications for consumer spending, which stimulates economic growth and is seen as positive (or bullish) for the CAD, while the opposite could negatively impact the domestic currency.