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Canada gains 21.6K, unemployment rate stable at 6.9%

Canada gained 21.6K jobs. It was expected to gain 12.3K jobs, similar to the gain of 13.2K gains in October. The unemployment rate was expected to stand at 6.9%, unchanged and that’ts what happened.

USD/CAD traded at around 1.0650 towards the release and it is on the rise afterwards. At the same time, the US also released its job figures, the Non-Farm Payrolls.

US Non-Farm Payrolls exceeded expectations with +203K

Job figures have been stable and positive in Canada of late, but this hasn’t always been the case: the nation experienced big gains followed by plunges and the other way around.

The Canadian dollar had a tough week, falling to 3 year lows against the US dollar. The loonie fell alongside its peer commodity currencies, but it was also hit by the Bank of Canada, which issued a warning about low inflation.

High resistance appears at 1.0780, and support at 1.06. For more levels, events and analysis, see the USD CAD 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.