CAD Awaits Employment Reports as Markets Focus on Rate Hikes

The Canadian Dollar awaits crucial employment reports from Canada and the US on Tuesday.

Canada's Labour Force Survey (LFS) is expected to show a 15,000 increase in employment after July's impressive 75,000 gain, while keeping the unemployment rate steady at 6.4%.

Meanwhile, in the US, the nonfarm payrolls report due on Friday is forecasted to reveal a 56,000 increase in August after July's decline of 23,000.

The employment numbers from both countries may generate initial market excitement, but their policy significance is questionable, especially with the Bank of Canada (BoC) not making any rate decisions until October 28.