# 2 January 2023	New year, old theme	US jobs data to kick off volatility | FXMAG.COM

> A FXMAG outlook dated December 30, 2022 for the first days of January 2023 says the Canadian dollar is pressured by risk-off sentiment and sluggish oil prices, with USDCAD resistance at 1.3800 and support at 1.3330. It also notes an assertive ECB and an upcoming U.S. jobs report and FOMC minutes.

- Date: 2022-12-30 · published 2022-12-30T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/38464-2-january-2023-new-year-old-theme-us-jobs-data-to-kick-off-volatility-fxmag-com
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The outlook points to continued weakness in oil and risk appetite, a mild headwind for energy-linked commodity values and currency-driven trade flows.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-02-02 | [CANADA FX DEBT-C$ retreats from 2-1/2 month high as U.S. jobs data looms \| Kitco News](https://feedsoft.ai/events/37581-canada-fx-debt-c-retreats-from-2-1-2-month-high-as-u-s-jobs-data-looms-kitco.md) | +2.8% | +2.3% |
| WTI | 2024-09-06 | [Oil settles down 2%, big weekly drop after US jobs data](https://feedsoft.ai/events/12384-oil-settles-down-2-big-weekly-drop-after-us-jobs-data.md) | -0.3% | +6.2% |
| WTI | 2022-07-30 | [Commodity prices to remain volatile with mild negative bias in immediate run](https://feedsoft.ai/events/40396-commodity-prices-to-remain-volatile-with-mild-negative-bias-in-immediate-run.md) | -9.5% | -6.9% |
| WTI | 2016-12-22 | [Canadian dollar could drop to 65 cents US in 2017, Macquarie forecasts \| CBC News](https://feedsoft.ai/events/73704-canadian-dollar-could-drop-to-65-cents-us-in-2017-macquarie-forecasts-cbc-news.md) | +3.9% | +1.9% |
| WTI | 2021-12-02 | [BUZZ COMMENT-Oil and Fed should define next year's FX trends](https://feedsoft.ai/events/43490-buzz-comment-oil-and-fed-should-define-next-year-s-fx-trends.md) | +10.6% | +17.4% |

## Sources

- fxmag.com: https://fxmag.com/forex/2-january-2023-new-year-old-theme-us-jobs-data-to-kick-off-volatility

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.