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8 Feb 2013
Forex Flash: Weak-ish Canada jobs data raises caution for BoC rates – TD Securities
TD Securities say that data releases from China (somewhat distorted by seasonal factors) and the modestly better bid tone for European stocks have not had that much impact on the CAD, that has been tracking the USD’s moves against the other majors step for step.
Employment change in Canada came in at -21.9K in January, disappointing a consensus of +5K and erasing much of December's 39.8K added jobs. "A weak-ish employment report will support the more cautious outlook for rates delivered by the BoC last month and should be a modest drag on the CAD’s performance at least", wrote analysts Shaun Osborne and Greg Moore, concerned by Canada’s persistent trade deficits, however, and the uncomfortably large current account deficits (in the region of 3.5%/GDP) that result.
Employment change in Canada came in at -21.9K in January, disappointing a consensus of +5K and erasing much of December's 39.8K added jobs. "A weak-ish employment report will support the more cautious outlook for rates delivered by the BoC last month and should be a modest drag on the CAD’s performance at least", wrote analysts Shaun Osborne and Greg Moore, concerned by Canada’s persistent trade deficits, however, and the uncomfortably large current account deficits (in the region of 3.5%/GDP) that result.