Canadian jobs also in the spotlight later today

As usual it is not just the US monthly jobs report that is on the market radar today. At exactly the same time (1.30pm GMT) we also get the Canadian December jobs report. The markets expect the number of payrolls to have increased by around 25k last month, compared to a prior increase of 50.5k. At the same time, the underlying rate of unemployment is forecast to tick up to 6.9% from 6.8%. If you want to try and square the circle on that then it is probably best not to bother. As is often the case, the breakdown between full and part-time jobs will be important. The problem for anyone trading the USD/CAD over these numbers is due to the US jobs numbers hitting the screens at exactly the same time. That so often makes for tricky trading, especially if one report contradicts the other. An update here will follow as soon as possible, once the data is revealed, but the initial focus will be on the US jobs report. The USD/CAD closed last night at 1.4395. It set a new 2025 high at 1.4464 on January 3. The 2024 high was set on December 18 at 1.4467 and those are the immediate topside levels on the radar today. The range seen so far today has been covered by 1.4394 to 1.4422. It is currently trading at 1.4415