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Canadian employment: + 42.9K, unemployment rate drops to 6.9%

Canada posted a superb jobs report: a gain of no less than 42.9K and a drop of the unemployment rate below the 7% to 6.9%. Canada was expected to gain 21.5K jobs in March after a surprisingly disappointing drop of 7K jobs back in February. The unemployment rate was expected to remain unchanged at 7%.

USD/CAD floated above 1.1025 before the publication of the Canadian jobs report as well as the US one. Together with a not so high NFP, USD/CAD free falls below 1.10 and reaches 1.0960 before rebounding.

Full time employment is up 12.8K and the vast majority of the gain is part time jobs: 30.1K.

The Canadian dollar was on a recovery path but the 1.10 level on USD/CAD was certainly strong support. Canadian GDP grew by 0.5% in January. This is one of the reasons for the loonie’s strength during the week.

Later, the Canadian Ivey PMI is released. It is expected to rise from 57.2 to 58.3 points.

1.10 is a clear support level and 1.1070 works as support. 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.