Canada: Excellent Report: Gains 59.3K jobs, Unemployment Rate 7.2%

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Canada gained 59.3K jobs in November. Early expectations stood on a gain of 11.3K. The unemployment rate now stands at 7.2%, much better than 7.4% that was expected.

USD/CAD traded at around 0.9920 before the release and is not tumbling down to 0.9885.

US Non-Farm Payrolls surprised to the upside – This adds fuel to the fire.

The participation rate dropped from 63.8% to 63.6% – this explains some of the drop in the unemployment rate. Most job gains were full time jobs, making this report even stronger.

It’s important to note that the US Non-Farm Payrolls, released at the same time, usually has a stronger impact on the pair and also on the Canadian dollar against other currencies.

For more on the loonie, see the Canadian dollar forecast.

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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.