From no hike to hike in one number… The market is now pricing in Canadian interest rate hikes as far as the eye can see after spending the last two weeks pricing out hikes. It’s amazing what 93,000 new jobs can do to one’s thinking. To put thinks in percentage terms, that would be like the US creating 900,000/1,000,000 jobs in a single month…
USD/CAD has tested 1.0320 support so far after the shockingly strong employment report. 1.0275 is further support while 1.0380 is resistance on rebounds. There is a gap on the intraday charts, a rare phenomenon. Perhaps we need to fill the gap before lower.
