Markets await volatile Canadian employment data with consensus at +10K jobs and unemployment steady at 6.6%.
The Canadian dollar remains in focus ahead of the June jobs report, set for release at 8:30 am ET. Economists expect a gain of 10K jobs, though recent data has been highly volatile, with May’s print at 87.8K—the strongest since December 2024.
The unemployment rate is forecast to hold at 6.6%, unchanged from May. Analysts will scrutinize wage growth and participation rates, which have recently shown a CAD-positive gap over U.S. figures. Business investment trends, highlighted in the Bank of Canada’s latest survey, may also influence sentiment.
USD/CAD is trading slightly lower, down 13 pips to 1.4152, as markets await the data. Geopolitical risks and USMCA uncertainties continue to cloud the loonie’s outlook.