June employment data tops expectations, briefly lifting CAD before USD strength reverses gains to 1.4157.
Canada added 18.2K jobs in June, exceeding the 10K estimate and signaling resilience in the labor market. The report initially boosted the Canadian dollar, though broad USD strength later pushed USD/CAD to 1.4157.
Economists had anticipated a softer print following mixed regional data. The gain follows May’s weaker figures and comes amid Bank of Canada rate-cut speculation. Market focus now shifts to upcoming inflation data.
Equities rose, with the S&P 500 up 0.4% and Nasdaq up 0.3%, led by tech and chip stocks. Gold and oil saw modest declines, while US 10-year yields edged 2 bps higher.