• Markets pile into the US Dollar after NFP posts biggest number in a year.
• Canada wrapped up econ data on Wednesday, Loonie traders await Ivey PMIs next Tuesday.
• US NFPs also saw huge revisions on the back end.

The Canadian Dollar (CAD) is broadly higher for Friday, gaining ground against nearly every major currency peer across the FX market, but the US Dollar (USD) has taken the top spot for the day after US Nonfarm Payrolls (NFP) surged to their highest figure in a year.

Canada is absent from the economic calendar on Friday, and CAD investors will be looking forward to next Tuesday’s Canadian Ivey Purchasing Managers Index (PMI) figures. Bank of Canada (BoC) Governor Tiff Macklem will also be making an appearance next Tuesday.

Daily digest market movers: US NFPs dominate the market, Canadian Dollar trims weight against the Greenback

• US NFPs printed at their highest level in a year, coming in at 353K in January and easily trouncing the forecast of 180K.
• December’s NFP also saw a drastic upside revision, from 216K to 333K.
• US Average Hourly Earnings in January also climbed, printing at 0.6% versus the forecast of 0.3% and the previous month’s 0.4%.
• YoY Average Hourly Earnings climbed to 4.5% for the year ending in January, compared to the forecast of 4.1% and the last print of 4.4% (revised upward from 4.1%).
• The US Dollar surged across the entire FX market post-NFP, marking up gains against all of its major currency peers.
• The US Dollar is one of the best performers on the week and is in the green or flat across the board.
• The Canadian Dollar saw gains against most of its peers, but shed weight against the Greenback.
• CAD and USD vie for top spot on the week, but NFP beat is the Greenback’s clincher