Stepping out from the limelight of NFP for once, the Canadian jobs report is the biggie for loonie traders today
Do yourselves a favour and only look at one part of this report for a trend.
Canadian unemployment rate
Well, maybe keep one eye on the participation rate too as that can have a say in the unemployment rate.
The net change in employment will bring the initial price moves but don't try to make sense of the rest of it.
Often in employment reports the shifts between full and part time workers can be indicative of the state of employment. A trend from part time to full time shows a strong jobs market and vice versa. In Canada, it's a revolving door.
I can't make sense of it. I've asked Adam, who can't make sense of it, We're open to offers here :-D
December was the last time Canada saw employment rise and the consensus today is for a 10k rise vs -2.3k in Feb.
Anything above that should give the CAD a little shot in the arm, depending on the variation. Between there and Feb's number will likely bring negligible moves. Lower than last month and we'll see CAD lose out.
This report often comes out on NFP day so having the stage to itself means it has the freedom to make its own moves without being shackled by the US. That can sometime mean we get a larger reaction than usual.
It all happens at 12.30 GMT
