At the same time as the US NFP (1330GMT on Friday 4 January 2019) comes the Canada jobs report also.
US nonfarm payroll previews from earlier are here:
- Preview of the US NFP figures due Friday, and what to expect for FX
- US nonfarm payroll preview
- Goldman Sachs nonfarm payrolls preview
- December 2018 nonfarm payrolls preview: By the numbers
This quickie via TD on the CAD report, the bank headlines forecast is 15k (prior was 94k)
- unemployment rate to hold at 5.6% … other details should prove more downbeat
- full time employment to give back some of the 90k jobs created in November
- part-time hiring to drive job growth
- wage growth 1.6% y/y
On CAD:
- The loonie needs the stars to align with an upbeat local report and a Goldilocks release out of the US to reinforce the recent correction. From current levels, we see for a bit more downside in USDCAD, lining up for a short-term push towards 1.34. Also noteworthy is that positioning and valuation point to some modest support for the loonie in the immediate future.
