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USDCAD strengthening ahead of US job openings

Posted on: August 08, 2017

Markets were fairly muted on Monday, with the USD giving back all its gains from yesterday to this morning. USDCAD took a very quick peek above 1.2700 before being aggressively sold.

Today at 8:00am, the US reports JOLTS Job Openings, which is expected to improve to 5.74 million. Participants will be watching this indicator as it has a close relationship with wage growth. Looking ahead to the rest of the week, not much to really watch on the data front until US CPI on Friday. In Canada, other than some housing data tomorrow there are no releases of significance so look for CAD to move on broader G10 moves and of course oil, although the correlation has weakened as of recently.

On the surface it looks like a quiet week for USDCAD. Support remains around 1.2540/50 and 1.2400/20 while resistance still comes in around 1.2760/70. The market has grown wary about near-term interest rate hikes, as overnight index swaps are now pricing in a 33% probability of a hike, compared to 43% a week ago. St. Louis Fed president James Bullard has contested that US interest rights are doing just fine where they are at right now, and there is no need to hike until the economy grows out of the 2 percent growth regime.

  • Yesterday's NA 1.2673 - 1.2715
  • Asia 1.2654 - 1.2682
  • London 1.2651 - 1.2690

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