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Canadian jobs report beats with +12.1K, unemployment rises to

A mixed jobs report for Canada: the country gained 12.1K jobs, better than expected, but the unemployment rate rose to 7.1%, worse than predicted.

The Canadian dollar is looking for a direction.

The jobs report is also confusing in terms of  its composition: 61.9K full time jobs were lost while 74K part time jobs were gained. This is quite weird to say the least. The participation rate remained unchanged at 65.9%.

Canada was expected to report a gain  of 10K jobs in September, up from 12K in August. The unemployment rate was predicted to drop from 7% to 6.9%, accompanied by a drop of the participation rate from 65.9% to 65.8%.

At the same time, US import prices were published and they beat with a small drop of 0.1% instead of 0.5% predicted.

USD/CAD traded at low ground: only 1.2935, after trading between 1.29 and 1.30 during the session.

The Canadian dollar finally begins  benefiting from rising oil prices: the advance of  WTI Crude towards $50 gave a boost to the loonie. In the not so distant past, the Canadian dollar would only react to falling oil prices.

Earlier this week, Canada reported a drop in building permits and a weak Ivey PMI. These releases were brushed off, especially as the USD dollar was sold off.

More:  Weak CAD not a panacea for Canada  – CIBC

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.