The USD/CAD pair trades flat around 1.4210 during the European trading session on Thursday.
The Loonie pair has remained sideways for over a week, with investors seeking fresh cues regarding the United States (US) interest rate outlook
For the same, investors await the US Nonfarm Payrolls (NFP) data for June, which will be published at 12:30 GMT. According to estimates, the US economy created 110K fresh jobs, lower than 172K in May. The Unemployment Rate is seen remaining steady at 4.3%.
Average Hourly Earnings, a key measure of wage growth, is estimated to arrive at 3.5% Year-on-Year (YoY), higher from 3.4% in May, with monthly figures rising steadily by 0.3%. Assuming that wage growth drives the US core inflation significantly, investors will pay close attention to the data to get cues regarding the price rise outlook. On Wednesday, Federal Reserve (Fed) Chairman Kevin Warsh warned at the European Central Bank (ECB) Forum in Sintra that inflation remains “too high”, while stressing the need to bring price stability.