Canadian Dollar Waits on Jobs Data as Oil Prices Hold Steady
The Canadian dollar is trading quietly ahead of key jobs data releases in both Canada and the US. The Bank of Canada and Federal Reserve are expected to pay more attention to inflation than labor market conditions, making today's job numbers less impactful.
Canada is forecast to have created 15,000 jobs in July, with an unemployment rate holding steady at 6.5%. The US nonfarm payrolls report is also due out today and is expected to show the economy added 80,000 jobs after June's 57,000 increase.
The oil market remains cautiously optimistic about a resolution to the US-Iran conflict, but shipping companies are taking precautions with only 33 vessels transiting the Strait of Hormuz this week, down from 50 the previous week. WTI oil prices hovered near the lower end of their overnight range of $76.85-$78.75.
European equity markets are trading higher, with Germany's DAX up 0.84% and France's CAC-40 adding 0.43%. The US dollar index (DXY) is at 99.91, while gold prices rose to $4,319.81.