All eyes will be on today’s NFP report for December out of the US. November surprised to the upside, keeping the rally alive and easing concerns about the health of the economy. Since then, economic reports out of the US have been weaker than expected and initial jobless claims have increased. The ADP report showed a strong increase in private-sector jobs, how will the USDCAD trade following the release of this critical report? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

The November employment report out of Canada showed disappointing and unexpected job losses. Economists expect a partial rebound for December. The USDCAD continued its sell-off, on the back of a weakening US Dollar. Price action recovered from its lows, but what impact will the two employment reports out of the US and Canada have on this currency pair? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.