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Canadian Jobs: Another Excellent Report: +39.8K, Unemployment Rate 7.1%

Canada reported a gain of 39.8K jobs in December. Early expectations stood on a rise of 4K. The unemployment rate is 7.1%. Expectations stood on a rise from 7.2% to 7.3%.

USD/CAD is now plunging to 0.9875, with a small gap. The pair traded above the 0.9910 line before the release. It’s important to remember that the US Non-Farm Payrolls report was published at the exact same time.

US NFP showed a gain of 155K jobs and an unemployment rate of 7.8% – it allowed profit taking of dollar longs.

For the month of November, Canada posted an excellent report, with a gain of 59.3K jobs, far better than expected. Also the unemployment rate surprised with a drop to 7.2%.

USD/CAD was relatively stable in a week that saw big moves in the yen, euro and also the pound, but now it is on the move.

For more, see the Canadian dollar forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.