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Canada loses 31.2K jobs, USD/CAD rises

The Canadian economy lost 31.2K jobs in July, much worse than +10K expected. The unemployment rate rose to 6.9% as expected. The unemployment rate did  not rise thanks to a drop in the participation rate to 65.4%.

USD/CAD is moving up, also on a strong US NFP. The gain of 255K lifts the US dollar.

Adding insult to injury, Canada lost 71.4K full time jobs. Part-time jobs increased 40.2K. This is not  positive.

Canada was expected to report a gain of 10.2K jobs in July 2016, after a small loss of 700 jobs in June. The unemployment rate was  projected to tick up from 6.8% to 6.9%. The participation rate stood at 65.5% in June, and this naturally impacts the level of unemployment.

USD/CAD traded around 1.30. It is critical to note that US Non-Farm Payrolls is released at the same time. The American jobs report always rocks the boat.

Oil  prices managed to stabilize and perhaps hit a bottom after a few weeks of slides. The dip under $40 was only temporary.

More:  CAD: Further Weakness Still In Store; Where To Target? – 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.