• Canadian Dollar slips further on Wednesday as US Dollar bids firm up.
• Canada economic data on hold until Friday, to be overshadowed by US NFP.
• US ISM PMI beat expectations but still on the contractionary side.

The Canadian Dollar (CAD) is falling for the fifth consecutive trading day against the US Dollar (USD), with the Greenback getting bolstered against the broader FX market after the US ISM Manufacturing Purchasing Managers’ Index (PMI) for December came in above expectations, despite still printing in contractionary territory below the 50.0 midline.

Economic data from Canada is once again absent from the data docket on Wednesday, and Friday’s Canadian Unemployment Rate and Average Hourly Wages are set to be entirely eclipsed by the US Nonfarm Payrolls (NFP) for December.

Daily digest market movers: Canadian Dollar giving up further ground amidst USD push

• Despite declines against the outperforming Greenback and Pound Sterling (GBP), the CAD is in a firm position against the rest of the majors.
• The Canadian Dollar is down around a fifth of a percent against the USD and a third of a percent against the GBP.
• The Aussie (AUD) has given up around 0.4% against the Loonie, while the Yen (JPY) has retreated nearly three-quarters of a percent against the Canadian Dollar.
• The US ISM Manufacturing PMI for December printed at 47.4, beating the market forecast of 47.1 and climbing over November’s print of 46.7.
• The US JOLTS Job Openings in November showed less hiring potential than expected, with 8.79 million jobs available versus the forecast 8.85 million. October’s JOLTS openings were also revised up slightly from 8.733 million to 8.852 million.
• Investors will note that JOLTS has a small sample size that leaves the data prone to volatility, as well as the published figures being subject to revision up to five years after publication.
• Wednesday’s key data release comes towards the end of the US trading session when the Federal Reserve (Fed) drops their latest meeting minutes at 19:00 GMT