Squawk / 10 June 2016 at 12:39 GMT
Head of FX Strategy / Saxo Bank
Very positive Canadian jobs figures - almost absurdly so and reminding us that this is a very volatile data series.The payrolls expanded +13.8k in May, with +60.5k for full time and -46.8 for part-time. The unemployment rate dropped to 6.9% vs. 7.2% expected and 7.1% in April - part of that on a 0.1% drop in the participation rate. It all looks good on the surface, but again, this is an extremely jumpy data series, particularly the full/part time split and often mean reverts from month to month. (For example, last August a +56k full time jobs reading was followed by a -63k reading in Sep.)

If we remain in a risk off market here and oil drops further, I still prefer USDCAD back higher - but let's see how we close today as setup for next week. 1.2625/50 final local support ahead of 1.2500 area. If we see the price settle back above the 1.2725 area area today, meanwhile, the setup for next week looks bullish.


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