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Jobs figures will be released in Canada at 12:30 GMT in what will be the last major data release before next Wednesday’s Bank of Canada meeting. Economists at ING analyze CAD outlook.
The consensus is expecting a robust headline number (20K), despite a marginal tick-up in unemployment to 5.3%.
We are still inclined to think a print-around consensus should be enough to convince the BoC to hike next week, which is around 60% priced in, suggesting some upside risks for CAD (mostly in the crosses, given our view for a USD rebound in the near term).
See – Canada Employment Preview: Banks expect to see early cracks in the labour market