FxWirePro: EUR/CAD tumbles as strong Canadian jobs data fuels BoC rate-hike bets

• EUR/CAD fell sharply on Friday after stronger-than-expected Canadian jobs data strengthened expectations of a Bank of Canada rate hike next year.

• Canada’s unemployment rate surprised again in November, dropping to a 16-month low as the economy added 53,600 jobs its third consecutive month of strong employment growth. 

• The labour force report is the final key data release before the Bank of Canada’s monetary policy decision next week.

• The average hourly wage of permanent employees   a key metric closely watched by the Bank of Canada for signs of underlying inflation   held steady at 4% in November, unchanged from the previous month.

• Investors moved to fully price in an interest rate hike in 2026, up from a 20% chance before the jobs data, swap market data showed. 
 
•  Immediate resistance is located at 1.6262(38.2%fib), any close above will push the pair towards 1.6340 (23.6%fib).

• Support is seen at 1.6102(50%fib) and break below could take the pair towards 1.6016(Sep 2nd low).

Recommendation: Good to sell  around 1.6120 , with stop loss of 1.6160  and target price of 1.6020