By ForexMansion.com
The USD/CAD slightly dropped on Thursday as crude oil prices rose above $105 a barrel, while data from Canada showed that the Canadian economy expanded in January by 0.5% in line with expectations, while the Canadian economy expanded at an annualized pace of 3.3 percent slightly above expectations, which led traders to speculate that the Bank of Canada won’t hike interest rates at the next meeting, since economic growth is still not strong enough.
Meanwhile, data from the United States confirmed that conditions in the labor market are improving, where jobless claims continued to drop, while the Chicago PMI showed that manufacturing activities eased slightly in March, but the index expanded above expectations.
Canada is not scheduled to release any fundamental news tomorrow; however we should warn investors that the pair might move on Friday since the infamous jobs report will be released from the United States, while later on Friday the ISM manufacturing index will be released, so we should expect a busy day for financial markets.
Friday 12:30, the U.S. Labor Department will release the jobs report, where Non-farm payrolls are expected to rise by 195,000 jobs in March, compared with the prior rise of 192,000 jobs back in February, while unemployment is expected to remain unchanged at 8.9 percent.
Friday 14:00, the Institute for Supply Management will release its manufacturing index for the month of March, where the index expanded in February to reach 61.4, and median estimates suggest the index will ease slightly to 61.0 in March.
Originally posted here
