CAD: Holding on to gains for this week - BBH

Research Team at BBH, suggests that the Canadian dollar's performance puts it between the two Antipodean currencies and it is holding on to about a 1.5% gain this week coming into today's North American session. 

Key Quotes

“Three considerations may see these gains pared.  First, oil prices are easing and are already about 3% off yesterday's highs.  Second, in an otherwise light North American economic calendar today, Canada reports May jobs data.  The median calls for a small gain in jobs after a small loss in April.  We suspect the risk is on the downside. Also, the unemployment rate may tick up from 7.1%. Third, technical considerations suggest that if the US dollar cannot be pushed back below CAD1.27, the risk is that corrective forces lift the greenback toward CAD1.2850 initially.”