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Market News USD/CAD falls near 1.3450 on a bullish market sentiment, with US/Canada Employment in focus

USD/CAD falls near 1.3450 on a bullish market sentiment, with US/Canada Employment in focus

In light of lower US Treasury yields, USD/CAD is likely to fall to roughly 1.3450. Investors will closely monitor US/Canada employment statistics for fresh indicators. Oil prices fall below $74, as growing Covid cases cause short-term damage to China's economic prospects.

Daniel Rogers
2023-01-05
298

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After a steep sell-off from above 1.3650 on Wednesday, the USD/CAD pair has relinquished the critical 1.3486 support in the Asian session. The Loonie's depreciation is reinforcing the assertion of further expansion in the Loonie's voyage to the south towards 1.3450. Following the footsteps of declining US Treasury yields, the US Dollar saw a severe decline.

 

After the announcement of the weaker-than-expected United States ISM Manufacturing PMI, investors' appetite for risk has increased considerably, and the S&P 500 has seen demand from market players as a number of variables point to further inflation softening ahead.

 

It appears that the US Dollar Index (DXY) had already discounted the minutes from the Federal Open Market Committee (FOMC). A slowdown in the Consumer Price Index resulted in no Federal Reserve (Fed) policymakers voting against the decision to slow the pace of interest rate hikes to 50 basis points (bps) (CPI).

 

Friday's release of US Nonfarm Payrolls (NFP) statistics will be the focal point for markets moving ahead. According to the consensus, the United States economy added 200K new employment in December, compared to the previous report of 263K. It is predicted that the unemployment rate will remain unchanged at 3.7%. In addition, the Average Hourly Earnings could fall to 5% from the previously reported 5.1%.

 

In the meanwhile, the Canadian Dollar will also respond to Employment data. According to the projections, the net increase in payrolls for December is 8k, compared to the earlier forecast of 10k. The unemployment rate will rise modestly to 5.2%.

 

On the oil front, prices have fallen further below $74, as short-term pain in China's economic prospects due to rising Covid infections diminishes oil demand expectations. Notably, Canada is the top oil supplier to the United States, and lower oil prices could weaken the Canadian Dollar.


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