The Impact of Visual Content on Engagement
The EURCAD pair traded slightly higher on Friday, hovering near 1.6115 in the late Asian session, extending gains for the third consecutive day. The move comes ahead of Canada’s labor market data for August, due later in the day at 16:30 (+4 GMT).
Economists expect the Canadian economy to have added around 7,500 jobs in August, following a sharp decline of 40,800 in July. The unemployment rate is projected to rise to 7%, the highest since October 2021. A weaker jobs report could strengthen expectations of further monetary easing by the Bank of Canada (BoC), which has kept its benchmark rate steady at 2.75% for three meetings. Reuters reports suggest a 25-basis-point cut to 2.5% could be announced in September.
Meanwhile, the Euro is trading calmly, with markets widely expecting the European Central Bank (ECB) to leave interest rates unchanged at next week’s policy meeting. A Reuters poll conducted earlier this month indicated that nearly all economists believe the ECB will hold steady, citing contained inflation and a stable economic outlook in the Eurozone.
