Canada: Focus on employment data – BBH

Analysts at BBH explain that focus will be on employment data in today’s North American session apart from the release of US NFP data.

Key Quotes

“Canada reports March jobs data.  Consensus is 5.7k vs. 15.3k in February, but the mix is important.  Last month, full-time employment rose 105.1k but was offset by a loss of 89.8k in part-time employment.  The March Ivey PMI will also be reported today, with consensus at 56.0 vs. 55.0 in February.”

“The next BOC policy meeting is April 12.  We expect the bank to maintain its dovish bias.  Last month, the BOC highlighted the amount of slack that’s still left in the economy.  USD/CAD is lower today after having trouble breaking above the 1.3450 area this week, failing the last three days.  Break above targets the March high near 1.3535, while a failure to break it today could see a setback to the 1.3350 area.”