Similar to the BLS in the US, Statistics Canada is scheduled to release the newest findings in the Canadian labour market for December this Friday, at the same time.
The consensus forecasts project a marginal improvement in the country’s employment conditions from the significant disappointment, which was recorded in November.
In the previous labour force survey, it was observed that the unemployment rate had surged by 0.4 percentage points in November, reaching 5.9 per cent.
Canada Unemployment Rate. Image source: TradingEconomics.com
Market analysts project a minimal drop in the unemployment rate by 0.1 percentage point to 5.8 per cent. The anticipation for such a fall is attributed to a likely surge in the overall employment.
The consensus forecasts expect the Canadian economy to have added 31.8 thousand jobs in December, which would be a marked improvement compared to the 71.2 thousand jobs that were lost the month before.
The strength of the Canadian economy is dependent on the performance of the oil market, as the country is a major producer and exporter of the precious commodity.
Last week's developments in the Arabian Gulf have caused rising fears among investors who now worry that the global supply of crude oil could be curbed if the situation continues to escalate.
Over 70 per cent of the world's oil supply goes through the Strait of Hormuz, and if Iran and the US begin a new conflict, transportation through the strait will become especially dangerous.
Consequently, the situation in the Middle East is directly affecting the Canadian economy, which means that the simultaneous release of labour data in the US and Canada on Friday is going to cause massive volatility for the USDCAD.
The pair managed to break down below the Historical support level at 1.30240 and is currently consolidating in a short-term range.
The MACD indicator shows early signs of exhaustion in the bearish trend’s strength, and a bullish correction to 1.30240 is likely given the employment prospects in the two countries.
USDCAD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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