Instant view: NFP misses expectations, USDCAD down on Canadian payrolls

Summary:

US economy adds 130k news jobs last month, less than expected
Wage growth moves higher, the jobless rate stays intact
Stellar employment data from Canada help push USDCAD lower

The US economy added as many as 130k news jobs last month, below the estimated number of 160k. At the same time, we saw stronger wage growth which actually ticked down to 3.2% YoY from upwardly revised 3.3% YoY. The jobless rate stayed at 3.7% and the labour force participation rate picked up to 63.2% from 62%. Overall the data seems to be quite neutral for the greenback, hence a September’s rate cut does not seem to be at stake at all. At the same time we got the jobs data from Canada which beat expectations in terms of employment but wage growth missed expectations by a large margin coming in at 3.8% vs. 4.5% YoY expected. All in all, these two releases have pushed the USDCAD much lower and from a technical point of view the pair seems to have quite a lot of space to continue heading south.

The USDCAD heads lower following the two jobs releases from the US and Canada. Source: xStation5

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Forex

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