Canadian dollar modestly higher following the November jobs report

USD/CAD is down 35 pips to 1.3527 following today’s jobs report, that’s about 20 pips lower than before the data but above the session low of 1.3518.

The broader market appears to be catching its breath today after a buzz-filled November. That’s left several FX charts chopping around sideways today and opened the door for the loonie to take the lead. Many are waiting for Powell’s comments at 11 am ET to set the top for the US dollar and risk trades.

In the bigger picture, USD/CAD is at a two-month low as the US dollar recedes at the tail end of a strong year. The market is pricing in aggressive Fed cuts, which is premature from where I stand but fits with historical precedent.

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