Canada: Labor market data in focus - BBH

Research Team at BBH, suggests that Canada reports August labor market data today and the unemployment rate is expected to rise to 7% even as the economy is expected to create 14k new jobs. 

Key Quotes

“The mix between full- and part-time jobs will be important.  CAD has been the second worst major currency this week despite rising oil prices, hurt by a dovish tilt by the BOC.  Recent data have been weak, so a bad jobs report would fan market easing expectations.  The 1.30 area should provide near-term resistance for USD/CAD, but a clean break would target the September 1 high near 1.3150.”