This Friday the Statistics Canada office will report on the evolution of employment in the last month in the country. Positive data is expected, which could have a strengthening impact on USDCAD.
In the period April and May, employment fell and doubts arise regarding the measures taken by the Bank of Canada to evaluate measures to stop this decline, in case the result is not as expected.
The next meeting of the Bank of Canada will be on July 14 and we will have greater clarity on the economic policies they take based on the results of this Friday. At its last meeting, the Bank announced a reduction in purchase levels, although it was extended over time.
The unemployment rate in its last month was 8.2% and the result for June is expected to be 7.8%. Regarding the variation in employment, it is projected to reach 172.5K.
With the goal of raising employment levels and working conditions, the Canadian government made an announcement on Wednesday regarding the employment policy. and ensure that workers receive Equal Pay for work of equal value.
The measure comes amid the quest to ensure economic recovery from the COVID-19 crisis.
In this sense, according to recent changes made to the Labor Standards Law and Regulations, employees of the Northwest Territories will now be able to take emergency leave without pay. This change, effective as of July 1, grants additional labor protection to employees who require it. It is aimed at not losing employability due to emergencies due to COVID-19.
USDCAD closed for sell after opening at 1.25554 and closing at 1.25337.