The post USD/CAD extends winning streak ahead of US-Canada labor market data appeared on BitcoinEthereumNews.com.

USD/CAD edges higher slightly above 1.4400 with US-Canada employment data in focus. The uncertainty over Trump’s policies continues to keep the USD on the frontfoot. The labor growth in Canada is estimated to have slowed significantly in December. The USD/CAD pair extends its winning spree for the fourth trading session on Friday ahead of the official employment of the United States (US) and Canada for December. The Loonie pair ticks higher slightly above 1.4400 as the US Dollar (USD) edges up, with the US Dollar Index (DXY) staying above the key support of 109.00. The overall performance of the US Dollar has remained firm for a few weeks as Federal Reserve (Fed) officials have become concerned over upside risks to inflation remaining persistent due to potential tariff and immigration policies under the administration of President-elect Donald Trump. In Friday’s session, investors will pay close attention to the US Nonfarm Payrolls (NFP) data as it will influence market expectations for the monetary policy outlook. According to market estimates, the US economy added 160K new workers in December, lower than 227K in November. The Unemployment Rate is expected to have remained steady at 4.2%. Signs of a slowdown in the labor demand would force traders to pare bets supporting the Fed to keep interest rates unchanged in the range of 4.25%-4.50%. On the contrary, strong numbers would boost the same. Meanwhile, the Canadian Dollar (CAD) will also be influenced by the official employment data. Market participants expect the pace of hiring in December to be half of what had been recorded for November. The Canadian economy witnessed a fresh addition of 25K workers in December against 50.5K in November. The Unemployment Rate is seen accelerating to 6.9% from 6.8%. Signs of a slowdown in the labor demand would boost expectations that the…

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Filed under: News - @ January 10, 2025 12:29 pm