The USD has lost some upward momentum in quiet trade before the release of employment data in the USA. This weakness is most prominent versus the GBP,JPY,AUD & EUR. Market expectations are for Non Farm payrolls of 241k in December versus Novembers 321k. Revisions to the November released will be eyed by the market as this number was a big surprise last month.
Canada also releases its housing starts & building permits for DEC & NOV respectively ( Exp. 193.5 k & 0.5%). Canadian employment change for DEC is seen at +15k , unemployment at 6.6% , and the participation rate at 66%. Market participants will also be keeping a close eye on crude prices for hints to the further direction of CAD.
Overnight CAD traded between 1.1850-1.1810 ; Currently 1.1834 , WTI ( Feb) 48.55 .GOLD ( Feb) 1211.6