Markets are bracing for a broadly steady Canadian labour market report when Statistics Canada publishes its Labour Force Survey on Friday. Economists expect employment to increase by about 10,000 in June, following May’s gain of 87,800, while the unemployment rate is seen holding at 6.6%.
The data are unlikely to materially alter expectations for the Bank of Canada. Policymakers are widely expected to leave rates unchanged at their July 15 meeting, extending a stretch of five consecutive decisions in which the central bank has stayed on hold since cutting rates in October 2025. Recent communications have reinforced a cautious stance, with officials signalling that they are prepared to look through temporary price shocks as long as underlying inflation remains contained.
At the same time, the central bank is still watching inflation risks closely, particularly those linked to higher energy prices. However, with the economy continuing to show signs of slack, there is limited urgency to tighten policy further. The outlook remains heavily data-dependent, but the threshold for another rate increase still appears high.
Market pricing reflects that restraint. Investors now see only modest tightening from the Bank of Canada by the end of the year, with expectations reduced to nearly 15 basis points from about 35 basis points a month earlier.
Attention will also be on wage trends, which remain important for assessing inflation pressure. Average hourly wages rose 3.2% year over year in May, indicating that pay growth has eased somewhat but is still consistent with a labour market that is not weak.
The jobs report will be released at 12:30 GMT and could briefly influence the Canadian dollar. A stronger-than-expected reading would likely support the currency, though any move may be limited.
USD/CAD has been consolidating since late June and remains near the upper end of its range, trading close to the 1.4250 area. If the pair retreats, support is seen near 1.3900, followed by 1.3850 and 1.3820. On the upside, a break above 1.4250 could open the door toward 1.4414. Momentum indicators continue to suggest that the broader trend remains firm.Robinhood’s new layer-2 blockchain is emerging as an unexpected source of demand for Ether, with more than $70 million bridged into the network in its first week, according to Token Terminal. The platform, called Robinhood Chain, launched on July 1 as an EVM-compatible network built on Arbitrum and uses ETH as its native gas token. Robinhood has positioned the chain as AI-native and designed for real-world assets.
The early traction has been notable. Token Terminal said the network had reached 194,000 daily active users and generated daily revenue of about $39,000 in its first week, which translates to an annualized run rate of roughly $14 million. Data from DefiLlama points to similar momentum, showing total value locked of 46,748 ETH, or about $83 million. Inflows on Thursday alone were reported at 31,855 ETH, worth around $55 million.
The development matters because Robinhood is already offering tokenized stocks to customers in more than 120 countries, tapping rising interest in tokenized US equities. Ethereum and its layer-2 ecosystem have become the leading venue for real-world asset tokenization, commanding more than half of the market share, according to RWA.xyz. Robinhood’s decision to build within that ecosystem may strengthen Ethereum ’s role as the settlement and liquidity base for tokenized products.
Market participants say the structure of the chain itself supports ETH demand. The token is used for gas, serves as the main trading pair, and helps settle transaction-related costs on Ethereum ’s base layer. As on-chain activity expands, more ETH is absorbed through usage, bridging, and data fees.
Analysts are also pointing to broader implications beyond the initial numbers. If adoption continues, Robinhood Chain could become a meaningful recurring source of demand for ETH. That would reinforce a longer-term investment case tied to tokenization, institutional adoption, AI-related payments, and expected network upgrades before the end of 2026 that could raise Ethereum ’s capacity.
Even so, ETH remains well below its prior highs. It recently traded near $1,775, still far from its August 2025 peak and deeply in bear-market territory.
