CAD: Markets await jobs data for clues on BoC – Scotiabank

The Canadian Dollar (CAD) is little changed. CAD is a marginal outperformer among the major currencies as a consequence, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

CAD little changed

“Beyond that, there’s little to remark on in terms of positives for the CAD’s near-term outlook. Q3 Productivity and the November S&P Global Composite and Services PMIs this morning are unlikely to change near-term CAD dynamics to any significant degree.”

“Market participants are rather waiting for Friday’s employment report before updating views on the BoC policy outlook, with swaps pricing for this month’s policy decision split between a 1/4 point and 1/2 point cut.”

“Spot is tracking a little lower on the session. After two rejections a little above 1.4080 over the past couple of sessions, the very shortterm chart does suggest some risk of USD losses extending on a break under 1.4055 (minor double top trigger) which may take spot back to the low 1.40s. Broader trends remain positive and dips to the 1.3950/1.40 area should remain well-supported.”