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The Canadian Dollar struggled to find direction on Friday. Canada revealed mixed employment figures in July. Tepid Friday caps off a tumultuous week, CAD hangs onto previous gains. The Canadian Dollar (CAD) rounded out the trading week by holding onto a 1.5% gain against the US Dollar after a frothy trading week gave way to a flattened Friday session. The Canadian Dollar struggled to find directional momentum during the week’s final market window as markets take a breather and await the next round of key inflation figures due next week. Canada delivered a lopsided labor print on Friday, with another contraction in Net Change in Employment but a better-than-expected print in July’s Unemployment Rate. Investors have pivoted into waiting for next week’s US Producer Price Index (PPI) and Consumer Price Index (CPI) inflation figures, slated for Tuesday and Wednesday, respectively. Daily digest market movers: Canadian Dollar flatlines on mixed labor Canada’s Net Change in Employment contracted in July, printing -2.8K versus the expected upswing to 22.5K from the previous month’s -1.4K. The Canadian Unemployment Rate held steady at 6.4% in July, averting the forecasted uptick to 6.5%. Canadian economic data remains thin next week, leaving USD/CAD traders to focus squarely on upcoming US inflation prints. US PPI and CPI inflation are broadly expected to tick lower as markets lean into Federal Reserve (Fed) rate cut hopes. Rate markets are pricing in better-than-even odds that Fed will kick off a rate cutting cycle with a 50-basis-point double cut in September. Canadian Dollar PRICE This week The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies this week. Canadian Dollar was the strongest against the Swiss Franc.   USD EUR GBP JPY CAD AUD NZD CHF USD   -0.06% 0.37% 0.06% -0.98% -0.90% -0.75% 0.73% EUR 0.06%…

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Filed under: News - @ August 10, 2024 4:24 pm