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Canada gains 35.3K, better than expected – USD/CAD falls

Some good data from Canada: the economy gained 35.3K jobs in October, a significant surprise and certainly encouraging after quite a few economic disappointments from Canada. The unemployment rate is up to 6.3%, but this is due to a rise of the participation rate from 65.6% to 65.7%.

USD/CAD is down some 70 pips to 1.2755. This is also due to a weak US  NFP. The US saw fewer job gains than predicted. And, wages are back down to 2.4%.

Canada was expected to report a gain of 15K jobs in October after 10K in September. The unemployment rate was predicted to remain unchanged at 6.2%.

USD/CAD was around 1.2830 ahead of the release. Note that the US also publishes its own jobs report at the same time: the Non-Farm Payrolls. Follow the live coverage of the NFP.

Earlier in the week, the loonie suffered from a weak GDP read. The economy squeezed in August after having an excellent first half of the year.

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.