Weak Canadian labor market report might slow the Loonie and send it on a nose dive – Commerzbank

Market news

7 July 2023

Weak Canadian labor market report might slow the Loonie and send it on a nose dive – Commerzbank

The Canadian labor market report will be closely scrutinized today. Economists at Commerzbank analyze how could the Loonie react to the employment figures.

CAD could find support if the labor market remains relatively robust

If the labor market remains relatively robust despite the past rate hikes and if wage rises are decent, expectations of a second rate hike until year-end might increase, supporting CAD.

A weak labor market report on the other hand might slow the Loonie and send it on a nose dive.

See – Canada Employment Preview: Banks expect to see early cracks in the labour market

Forex Today: US Dollar on the back foot ahead of all-important jobs report

AUD/USD remains below mid-0.6600s, up a little as traders keenly await US NFP report

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