Canadian Dollar Waits on Jobs Data as Oil Prices Remain Stuck
The Canadian dollar is trading quietly ahead of the US and Canada jobs numbers, which are expected to have little impact on central bankers' decisions. The economy is forecast to have created 15,000 jobs in July after adding 18,200 positions in June, with the unemployment rate holding steady at 6.5%. Meanwhile, oil prices remain stuck in a range of $76.85-$78.75 overnight.
The US nonfarm payrolls report is expected to show the economy added 80,000 jobs after June's 57,000 increase, but policymakers are more focused on inflation than labour market conditions. The absence of major market-moving data from the UK has also kept traders on the sidelines.
In other markets, gold prices hovered around $4,300 as European equity markets traded higher, with Germany's DAX up 0.84% and France's CAC-40 adding 0.43%. The S&P 500 futures were ahead 0.16%, while the 10-year Treasury yield held at 4.66%.