• USD/CAD rose more than 0.60% on Thursday towards the 1.3370 level.
• ADP and ISM Service data from the US fueled a rising in US bond yields
• Eyes on Canadian and American employment data on Friday.

The USD/CAD gained momentum on Thursday’s session and jumped to its highest level since mid-June to 1.3370. On the other hand, the DXY index still trades in the red but cleared some daily losses, trading at the 103.10 area. 

According to the Employment Change report from Automatic Data Processing, Inc., the US economy added 497K new jobs in June, surpassing expectations of 228K and showing an increase from the previous month's figure of 278K and fueling hawkish bet in the Federal Reserve (Fed).

It's worth mentioning that at the European Central Bank (ECB) in late June, Chair Powell from the Fed warned that a tight labour market could justify additional hikes, so ADP figures support a more aggressive stance from the Fed. That being said, Nonfarm Payrolls (NFPs) figures expected to increase 225K lower than the previous 339K will be the highlight of Friday’s session, providing additional information to markets regarding the US labour market. As for now, 

Northwards, Canada will also release labour market data. The Net Employment change is expected to come in at 20k from its previous figure of -17.3K, while Average Hourly Earnings to expand by 0.3% MoM and the Unemployment rate to rise to 5.3% from its previous 5.2%