USD/CAD lifting off lows ahead of important jobs report at 12.30pm GMT

The USD/CAD is lifting from an earlier low on the week, at 1.3718, towards an earlier session high at 1.3744. The USD/CAD closed last night at 1.3733. At 12.30pm GMT Canada will release the details of their July jobs report. The markets are expecting a slight increase in the underlying unemployment rate last month, to 6.5% from 6.4%. The payroll count is forecast to show an increase of 25k, compared to 1.4k fall in June. The split between full time and part time jobs will focus in whatever reaction we see later in the USD/CAD. As noted here earlier, the USD/CAD has fallen back this week, from a 2024 high set on Monday, at 1.3946. Earlier today it did just edge below its 50 day moving average (now at 1.3722) and that could have come from some weak stops in place just below the level. The move by the BOC to lower its OCR to 4.5% from 4.75% last month would tend to indicate the Canadian jobs market might be slowing and maybe this afternoon we shall see if that truly is the case. Either way there is going to be some price action in the USD/CAD later, as it surely grabs the limelight this afternoon. It is just now trading at 1.3739