Canada also releases January jobs numbers today, ING’s FX analysts Francesco Pesole notes.

USD/CAD to stay below 1.44 for now

“The slowdown is expected to be meaningful after December’s strong figures, with only 25k increases in hiring expected. Unemployment is seen inching higher to 6.8%. That would probably still argue against immediate additional easing by the Bank of Canada purely on the back of domestic data.”

“More cuts can however come on the back of US tariffs at a later stage, but for now, USD/CAD can stay below 1.44.”