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Canadian employment defies gravity – TD Securities

“The Canadian financial system added 56okay jobs in February, effectively above the market consensus for unchanged employment, whereas additional features in labour drive participation noticed the unemployment fee maintain at 5.8%,” famous TD Securities analysts.

Key quotes

“Wage progress for everlasting workers firmed to 2.2% y/y which added to the upbeat tone of the report, though this may do little to vary convictions on the Financial institution of Canada the place the broader slowdown is a extra necessary issue.”

“Charges: The knee-jerk transfer greater in CAD charges needs to be short-lived, and we proceed to favour proudly owning the CAD front-end outright or versus the US, and we like proudly owning the stomach versus lengthy bonds.”

“FX: The CAD acquired a jolt of life, however we predict this needs to be light because the foreign money’s prospects stay troubled with restricted to no coverage impulse. 1.3380/1.3400 stays formidable assist.”