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CAD Labour Report Ahead – 0830ET

CANADA
  • CAD employment hits at the same time as payrolls after also seeing a far stronger than expected January report (150k vs cons 15k, full-time driven, 3-mth av 82k).
  • Consensus tries again with +10k, the u/e rate up a tenth at 5.1% in what would still be only 0.2pts off series lows and wage growth rising 0.6pps to 5.1% Y/Y (carrying more weight after growing focus on declining productivity from the BoC).
  • Ahead of the release, UDSCAD sits ~1.383 off a high of 1.3862 (resistance 1.3898 Oct 14 high, support 1.3705 Dec 16 high) and GoC yields are 5-7.5bps lower across the curve. Perhaps less spillover from payrolls for FI with the BoC reiterating it's local focus.

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