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USD/CAD rising off lows ahead of Canadian monthly jobs report

As noted here earlier today, the US is not alone in releasing their February jobs report this afternoon. The same will come from Canada. So, here is what is expected. Payrolls are forecast to rise by around 20k (+37.3k in January). However the unemployment rate is expected to increase to 5.8% from 5.7%. That is largely due to an anticipated increase in the participation rate. Also the markets and the USD/CAD will be digesting the spilt between full time and part time jobs. Earlier this morning the USD/CAD extended its recent downside move to 1.3432, but for the past couple hours ahead of this jobs report, it has been rebounding. The price action immediately after the jobs release might be confusing and uncertain as usual, owing to the fact the US jobs report will hit the screens at the same time. That can make it not so easy to figure out which way the USD/CAD will trade. The rebound seen so far has not yet tested the noted 200 day moving average, which is now in place at 1.3477. The USD/CAD is currently trading at 1.3453

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