Today’s U.S. employment data shows how much of an impact Covid-19 is having on the economy. The surge in infections has stalled the number of people looking for a job, while job openings remain at high levels. Expectations going into the data were rather exuberant to say the least, economists’ forecasts ranged from 300,000 to over one million new jobs. This news will put the brakes slightly on the Federal Reserve’s plan to taper its bond purchases, it has said it wants to be thoroughly sure that the pandemic is in the rearview mirror before starting.
The Canadian dollar is better to the USD, energy prices are down a bit while base metals are up along with most agricultural products, giving the CAD a boost to the USD.
Expect a narrow range with the CAD having a stronger bias to the USD.
Currently* Close Range
USDCAD 1.2510 1.2551 1.2493-1.2561
EURCAD 1.4880 1.4935 1.4858-1.4921
GBPCAD 1.7370 1.7370 1.7328-1.7384
*Indicative rates only
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