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fxJun 5, 2026, 7:33 AM

ING: Weak Canadian Jobs Data Supports CAD Upside vs USD

ING's Francesco Pesole notes that weak April Canadian labour data and a dovish jobs contribution to Bank of Canada policy are supporting the Canadian dollar against the US dollar, despite a widening swap spread and USMCA risks.

USDCAD

ING FX strategist Francesco Pesole highlights that the Canadian dollar is finding support against the US dollar on the back of soft April employment data from Canada. The labour report is seen as reinforcing a dovish tilt in the Bank of Canada's policy outlook.

This CAD-positive backdrop persists even as the two-year USD/CAD swap spread continues to widen and emerging risks around the USMCA trade agreement add uncertainty. The contrast between domestic labour weakness and external factors suggests cautious positioning for the pair.

No specific levels or forecasts were provided in the note.

Source: FXStreet Forex News