Canada’s employment data caught economists completely by surprise, expectations of a gain of 32,000 new jobs were blown out of the water. Under normal conditions the Canadian dollar should have rallied to USD quite significantly, however the Omicron variant has shown how contagious it is as 38 states have reported new cases. The problem at the moment is that no one knows exactly how virulent this variant is and until it has been fully examined, volatility will rule the markets.
The CAD had rallied initially but it is now a lot weaker than this morning, expect light trading, but on the weaker CAD side.
Currently* Close Range
USDCAD 1.2825 1.2808 1.2743-1.2845
EURCAD 1.4510 1.4472 1.4398-1.4531
GBPCAD 1.6980 1.7042 1.6897-1.7059
*Indicative Rates Only
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