Statistics Canada is set to release the Canadian Labour Force Survey report on August 9.
The Unemployment Rate in Canada is expected to rise further in July. Further cooling of the labour market could favour extra rate cuts. The Canadian Dollar remains firm so far in August vs. its US peer. Market participants so far anticipate that the report will present mixed results, which could further support the Bank of Canada 's ongoing easing cycle. In July, the Bank of Canada trimmed its policy rate by an extra 25 bps to 4.
The rally in USD/CAD sparked around mid-July, sending the pair to as high as the 1.3950 region for the first time since October 2022. However, the Canadian Dollar managed to give away part of those losses since then and has started regaining upside momentum, prompting USD/CAD to retreat markedly to the low-1.3700s earlier this week, a region also neighbouring the interim 55-day SMA.
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