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Canadian jobs fall 19.7K, unemployment rate 6.8%

A disappointing jobs report from Canada: the nation loses 19.7K jobs, worse than expected. The unemployment rate is at 6.8% which is actually better than expected. The  participation rate is down to 65.8% from 65.9%.

USD/CAD dances around, extending its range  to 1.2040-1.2143 before stabilizing around 1.21.

Full time employment rose by 46.9K, which is an important positive detail that provides a sliver lining for the overall loss in jobs.

Canada was expected to report a drop of 4.5K jobs in April after a leap of 28.7K jobs in March. The unemployment rate carried expectations for a rise from 6.8% to 6.9%.

USD/CAD was trading around 1.21. It is important to  remember that the United States also released its own report, the Non-Farm Payrolls, at the exact same time.

Non-Farm Payrolls: +223K – as expected

The Canadian dollar managed to advance to new highs against the greenback earlier in the week, with USD/CAD dropping under 1.1940, but then  rose back as the USD recovered and as the rise in oil prices moderated.

More:  USD/CAD: Make Or Break?– SocGen

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.