Canadian jobs also in the spotlight this afternoon-check out the USD/CAD

The US January jobs report is not alone in being released at 1.30pm GMT today. Also due at the exact same time is the January Canadian jobs report. Recent updates here have covered the reversal of fortune for CAD, after the spike to 1.4793 in the USD/CAD on Monday. The USD/CAD hit a low on Wednesday, at 1.4270. The rebound from there took it as high as 1.4367 yesterday morning and closed last night in the US at 1.4308. The range so far today is covered by 1.4302 to 1.4327. So, by recent standards, it has been pretty tight, as you can see. It could be argued right now; that a good Canadian jobs report is priced-in at current levels, given where it was on Monday. So, now we look at what is expected. Payrolls are forecast to rise by around 25k, down from the 91k reported for December. The unemployment rate is forecast to rise slightly, to 6.8%, from 6.7% and as usual the split between full and part-time jobs will play a part in whatever market reactions evolve. So, more immediately it could be this data either extends the downside below 1.4270, or takes it back above 1.4367. An update here will follow as soon as possible after the release. The USD/CAD is right now at 1.4322