Futures tracking Canada’s main stock index ticked up on Friday as investors await pivotal U.S. payroll and domestic employment data, which could shape the interest rate trajectory in both economies.
The TSX maintained gains, while the Venture Index edged up just under 5 points. Stateside, the Dow added 8 points, while the Nasdaq dipped by 13.
In focus, Statistics Canada will release December’s jobs report, with economists projecting an unemployment rate rise to 6.9%, up from November’s 6.8%. This would mark the highest jobless rate since January 2017, excluding the pandemic. RBC and BMO analysts underscore persistent weakness in Canada’s labor market. Meanwhile, Federal Reserve officials reaffirmed Thursday that U.S. interest rates are likely to hold steady, with cuts dependent on meaningful inflation progress.
Canadian dollar drop $0.05 to hover around 69 cents USD, while also weakening against the Euro. Bitcoin rebounded sharply, climbing 2,400 points sitting at C$136,777.52
In commodities, copper turned green, gold added $12.37 to hold at $2,600 per ounce, WTI crude rose to $75 per barrel, and natural gas surged 4.5%.
Investors are bracing for a day of data and movement as markets weigh economic signals and commodity gains.