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Canadian Jobs also in the spotlight today- USD/CAD close to 8 week lows this morning
The USD/CAD has fallen back from above 1.3750 on Tuesday, to test the 1.3600 handle today. The synthetic US close last night was set at 1.3614. The move lower in the USD/CAD is as much about a more broad based fall in the US dollar as it is about gains in the Canadian currency. That means it could diverge in that sense, if the Canadian jobs report later today warrants such a move. As usual the Canadian June jobs report will be released at the same time as the US and that can make for some immediate tricky trading in the USD/CAD, as both sets of data hit the screens simultaneously. The markets expect the underlying rate of Canadian unemployment to rise slightly in June, to 6.3% from 6.2% in May. The split between part time and full time jobs will be integral to any reaction in the USD/CAD. The USD/CAD is currently trading at 1.3604
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