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Canada gains 35.4K jobs, unemployment 6.7%

Finally some good news from Canada: a big gain of 34.5K jobs and a drop of the unemployment rate to 6.6%: both better than expected.

Not all the details are positive: full time jobs were actually lost: 1.8K of them. Part time jobs rose by 47.2K.

USD/CAD  is not really feeling the full effect and actually rising: this is because the US reported an excellent NFP.

Canada was expected to enjoy a gain of 4.7K job gains in  January. The country originally reported a drop of 4.3K jobs in December, but this underwent massive revisions that nearly tripled the figure. The unemployment rate was  predicted to remain at 6.7%.

USD/CAD traded around 1.2440 towards the release. As in most  releases, the US, Canada’s largest trade partner, publishes its own Non-Farm Payrolls report at exactly the same time.

During January, Canada announced a major revision in job figures for all of 2014: instead of gaining around 180K jobs, in figures announced during the year, the country gained only 121K jobs – about a third of job gains was erased in one revision.

The Bank of Canada cut the interest rate in a surprising decision, reacting mostly to the price of oil.  This accelerated the loonie’s losses.

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.