The Canadian Dollar flubbed a near-term technical recovery on Friday, as it slumped back into familiar lows against the greenback. The loonie remained under pressure as the Bank of Canada (BoC) continued to keep downward pressure on interest rates in the face of lagging employment figures, though the Canadian central bank is quickly running out of runway as rising wages keep inflation expectations simmering in the background.Canada reported a much lower-than-expected print in Net Change in Employment in October, entirely missing the mark as job gains continue to wither. Canadian Average Hourly Wages also rebounded, reminding investors of Canada’s ongoing battle with still-high inflation expectations despite overall price growth well outpacing wages across the gamut of timeframes.
Market Movers: Canadian Dollar Slid Back on Missed Jobs Growth
Canadian Dollar Price Forecast: Loonie Remained Sticky Near Familiar Lows
The Canadian dollar continued to churn chart paper close to medium-term lows against the US dollar. The USD/CAD currency cross marched to 14-month highs near the 1.3960 level earlier in November, and a sputtering technical recovery in the Canadian dollar coupled with a broad-market strengthening of the greenback kept the pair bolstered north of the 1.3900 handle.
USD/CAD Daily Chart
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