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08.10.2021 21:39

Canadian employment is back to pre-COVID levels, CAD to see further perform - TDS

FXStreet notes that the loonie caught a bid following Canada's employment beat. Economists at TD Securities are biased to further CAD outperformance with elevated energy prices and a key Bank of Canada (BoC) meeting later next week. 

“The Canadian economy added another 157.1K jobs in September, well above the market consensus for job growth to slow to 60K after the 90-95K prints in July-August. Details were broadly upbeat... Total employment is also back to its pre-COVID level, although the employment rate remains ~1pp below levels from February 2020.”

“Today's jobs print makes it easier for the BoC to continue signaling rate hikes in the second half of next year - we don't see an argument for shifting the forward guidance to 2022H1 on the back of this jobs print.”

“With energy prices likely to remain elevated and a key BOC meeting later this month, we think the CAD can continue to perform.”


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