07:30 AM EST, 01/10/2025 (MT Newswires) -- Canada is slated to release the December Labour Force Survey at 8:30 a.m. ET on Friday, noted ING.

Expectations are for a slowdown in hiring to 25,000 and another tick-up in unemployment to 6.9%, said the bank.

The impact on the Canadian dollar (CAD or loonie) would likely be short-lived as the currency is almost entirely trading on the back of the perceived risk of a United States-Canada trade war, and how that can be impacted by the new prime minister, stated ING.

At this stage, consensus seems to be building around two candidates: former Finance Minister Chrystia Freeland and former Bank of Canada/Bank of England Governor Mark Carney. The latter would -- in ING's view -- be better received by markets as Freeland has been on contentious terms with U.S. President-elect Donald Trump.