The US Department of Labor will release its nonfarm payrolls report at 12:30 GMT. How will USDCAD move today? Let’s find out with this 6 October USDCAD Fundamental Drivers Analysis from OctaFX.
6 October, OctaFX – The release is expected to show the addition of 90,000 nonfarm jobs in September, down from an August growth rate of 156,000. The jobless rate likely held steady at 4.4%.
Analysts say average hourly earnings probably rose 0.3% on month and 2.5% annually.
At the same time, the Canadian government will also release its latest jobs figures. Canada’s economy is projected to add 14,500 jobs in September, following a gain of 22,200 the month before.
Later in the session, Federal Reserve Governors William Dudley, Robert Kaplan and James Bullard will deliver speeches that will be closely monitored by the financial markets. The Fed will hold its second-to-last policy meeting of 2017 on 31 October, with the official rate statement scheduled for the following afternoon. No change in policy is expected until at least December.
6 October USDCAD Fundamental Drivers Analysis
After a disastrous month of August, the USD/CAD has been on a gradual uptrend back toward the 1.2600 region. The pair is converging on that handle, having gained nearly 500 pips since 8 September.
The Canadian dollar could see further upside in the months ahead as the Bank of Canada signals for higher interest rates. For now, the pair is looking to steamroll 1.2600 en route for two-month highs near 1.2700.
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