USD/CAD

Labor-market signal: Consensus looked for 219K versus 215K previously, setting up a hotter expected print. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For FX, that feeds rate differentials and the dollar leg.

Labor-market signal: The market expected 4.3%, unchanged from the previous 4.3%, so the release mainly mattered through surprise risk. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For FX, that feeds rate differentials and the dollar leg.

Macro catalyst: Actual 91.2 missed the 94.4 forecast, pushing the market toward a softer macro read. The release changed the market's read on growth, inflation or policy expectations tied to this asset. For FX, that feeds rate differentials and the dollar leg.

Labor-market signal: The previous 1,821K reading was the benchmark, so the move came from how the new release changed that trend. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For FX, that feeds rate differentials and the dollar leg.

Macro catalyst: The previous 61.8% reading was the benchmark, so the move came from how the new release changed that trend. The release changed the market's read on growth, inflation or policy expectations tied to this asset. For FX, that feeds rate differentials and the dollar leg.

Labor-market signal: The previous 122 reading was the benchmark, so the move came from how the new release changed that trend. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For FX, that feeds rate differentials and the dollar leg.