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Reading: USD/CAD reverses course following US NFP, continues to show strong support above 1.3900
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Gulf Press > Business > Forex > USD/CAD reverses course following US NFP, continues to show strong support above 1.3900
Forex

USD/CAD reverses course following US NFP, continues to show strong support above 1.3900

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Last updated: 2024/11/01 at 3:14 PM
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The USD/CAD pair has fallen slightly to near the 1.3900 level after the release of the US Nonfarm Payrolls (NFP) report for October. The report showed a significant decrease in job additions, with only 12K added compared to the estimated 113K and the previous release of 223K. The decrease in labor growth was attributed to the impact of hurricanes in Florida and strikes in the aerospace industry.

Despite the lower than expected job additions, the Unemployment Rate remained steady at 4.1%, as anticipated, and Average Hourly Earnings rose by 4.0%. The immediate response to the labor market data was bearish for the US Dollar (USD), but it managed to recover all intraday losses. The US Dollar Index (DXY) is now attempting to regain ground above 104.00 after the initial dip.

On the other hand, the ISM Manufacturing PMI for October came in weaker than expected at 46.5, with economists anticipating a slower contraction at 47.6. This decline in the Manufacturing PMI indicates a weakening in activities in the manufacturing sector in the US. The combination of the disappointing labor report and the weak PMI data has put pressure on the USD.

In Canada, there are growing expectations of further interest rate cuts by the Bank of Canada (BoC), which is weighing on the Canadian Dollar (CAD). The BoC has already reduced its key borrowing rates by 125 basis points to 3.75% this year. This anticipation of additional rate cuts is impacting the CAD negatively against the USD.

Overall, the USD/CAD pair has seen a mild correction following the release of the US NFP report and weak PMI data. The impact of hurricanes and strikes on the labor market has led to a decrease in job additions, while the BoC’s potential interest rate cuts are putting pressure on the CAD. As the US Dollar attempts to recover from the initial losses, investors will be closely watching for any further developments in both the US and Canadian economies to determine the future direction of the USD/CAD pair.

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News Room November 1, 2024
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