Canada: enjoys +15.3K jobs, unemployment rate falls to 6.6%

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The Canadian jobs reports continue beating expectations and don’t seem to stop. This time, the report shows a rise of 15.3K jobs in February, much better than predicted. And finally, the unemployment rate follows suit, with a fall to 6.6%.

Adding fuel to the fire, the nation gained no less than 105.K full time jobs while 89.9K part time positions were lost. Big shifts in full-time and part-time jobs are common to these reports. The participation rate slipped from 65.9% to 65.8% explains some of the drop in the unemployment rate.

USD/CAD falls sharply and trades at 1.3430, a fall of around 80 pips.

At the same time, the US also published its own jobs report. Despite a solid gain of 235K and a robust rise in wages, 2.8% y/y, the US dollar sells the fact and drops. This exacerbates the plunge of Dollar/CAD.

Here is how the sharp move looks on the chart:

Canada was expected to report a small gain of 2500 jobs in February after a blockbuster rise of 48.3K in January. The unemployment rate carried expectations for remaining unchanged at 6.8%.

USD/CAD was trading just above 1.35. The loonie suffered quite badly from the crash of crude oil prices.

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About Author

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 the 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.

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