According to the Automatic Data Processing (ADP) Inc. in the US, the American labour market has added 202 thousand new jobs in December vs 160 thousand expected.
The robust data of this preliminary report provides strong indications that this Friday’s highly anticipated Non-farm payrolls report, which is compiled by the Government, would also demonstrate substantial growth in jobs.
ADP Employment Rate. Image source: TradingEconomics.com
This is the most durable performance of the American labour market on record in the past eight months, which confirms the resilience of the local industry in spite of the prolonged trade uncertainty internationally.
In the wake of the release of the report, the US dollar strengthened as investors and traders started weighing on a very likely robust NFP report, that is expected to be released on Friday.
The USDCAD rose today and reached the historically important support (temporarily resistance) level at 1.30240, in a corrective movement that was projected in our Weekly expectations update from Monday.
The price is likely to continue strengthening as a result of the de-escalation of the tensions in the Middle East in accordance with the expected solid jobs data, which is scheduled for release at the end of the week.
USDCAD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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