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USD/CAD: Dueling jobs report disappointments, bears may target 1.21 next
It was a proverbial “shootout at the 49th parallel” with both the US and Canada releasing their highly-anticipated monthly jobs reports this morning, but this time, both countries’ labor markets misfired. As my colleague Joe Perry noted earlier today, the US Non-Farm Payrolls report showed disappointing jobs growth of only 266k jobs (vs. effectively 1M expected), and that was even before the -78k net revisions to past two months’ jobs reports. Nonetheless, the Canadian labor market also saw a setback, with Canada reporting a -207k decline in employment, taking the unemployment rate up to 8.1% in the Great ... (full story)
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