The Canadian Dollar (CAD) is seeing further upside against the US Dollar (USD) after a US Nonfarm Payrolls (NFP) report that came in below expectations, printing at its lowest reading since February of 2021.
The Canadian Dollar is bounding higher, extending weekly gains. Canada Unemployment Rate missed forecasts, hampering CAD upside. CAD gains 17.5K jobs, entirely part-time employment; wage growth also lower. The US data print is a welcome miss for investors who have been hoping for cooling economic data from the US to convince the Federal Reserve that there is no need for further rate hikes and to help push the US central bank along toward eventual rate cuts.
Other factors include market sentiment – whether investors are taking on more risky assets or seeking safe-havens – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another.
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