It’s jobs day in Canada and the US. Canada gained 419,000 in July as more parts of the economy were allowed to reopen. Canada has now recouped half of the jobs lost since the onset of the Covid crisis. In the US, nonfarm payrolls increased 1.763 million for the month. In both countries, the jobs number was better than expected. The US dollar is stronger across the board, though given the sell-off over the last few weeks, it feels more like a technical bounce than a fundamental shift in direction. The Canadian currency is down by 0.25% against its US counterpart. There is some focus on the specifics stimulus package negotiations int he US. In our short term view, the markets look directionless at the moment and we expect some intra day volatility.
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