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Stellar Canadian Jobs Report Sees CAD Back on Track

FOREX
  • CAD outperformed all others in G10 Friday, with a stellar jobs report helping fuel gains in the currency. Canada added three times as many jobs as expected in March, with over 300k jobs gained. This pressed the unemployment rate sharply lower and well below forecast, dropping to 7.5% vs. Exp. 8.0%.
  • USD/CAD secured a second session of losses, reinforcing the importance of this week's support at the 1.2620 50-dma. 1.2502 undercuts as next support, marking the April 5th low.
  • Contrasting with its oil-tied counterpart in CAD, NOK slid throughout the session, falling in tandem with WTI and Brent crude futures, which faded into the Friday close. USD/NOK snapped a multi-week losing streak, rising back above the 50-dma.
  • Focus in the coming week turns to US earnings season, with the biggest name US banks due to report. Markets also watch UK industrial production, German ZEW survey, US CPI & retail sales numbers. Central bank decisions are due from the RBNZ as well as the Turkish and South Korean central banks. Fed speak will be in focus ahead of the pre-decision media blackout, which kicks in at the end of the week.

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