It’s Canadian jobs day. What to watch for

At least one person got a new job in Canada in April — Mark Carney — today we will get a better sense of the economy he inherited with the April jobs report.

There are clear signs of a slowdown in the Canadian economy with a drop in confidence and I’m particularly worried about falling house prices. That said, the consumer has been holding up and announced layoffs have been modest.

Today’s report is expected to show 2.5K new jobs following a loss of 32.6K in March. Unemployment is expected to tick up to 6.8% from 6.7%.

Risks to the Canadian dollar are straight forward with the market pricing in a 46% chance of a cut at the June 4 meeting.

This article was written by Adam Button at www.forexlive.com.