Canada gains 28.7K jobs – USD/CAD slides
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Canada gains 28.7K jobs – USD/CAD slides

The Canadian economy gained 28.7K jobs in March, much better than expected. However, looking into the details, the economy actually lost 28.2K full time jobs and gained 56.8K part time ones. There are always big swings between full time and part time jobs.

USD/CAD is sliding to 1.2612.

The unemployment rate stands at 6.8%, which is a slight beat, especially as the participation rate ticked up from 65.8% to 65.9%.

Canada was expected to report a minimal loss of 0.5K jobs in March after a drop of 1K in February. The unemployment rate carried expectations for a rise from 6.8% to 6.9%.

USD/CAD was the rise towards the publication, trading around 1.2650. This is due to the  strength of the greenback.

Here is the preview:  USD/CAD: Trading the Canadian Employment Change

Earlier, Canadian housing starts were reported: they jumped to 190K from 151K seen beforehand and above expectations for 175K. US import prices slid by 0.3%, within expectations.

Oil prices have been fluctuating. Despite increased Saudi production and yet another surge in oil inventories in the US, we have seen some jumps in the price of the black gold. This helped the C$ gain some ground.

However, this did not last too long. Coupled with a strengthening of the dollar following the FOMC meeting  minutes, Dollar/CAD turned north.

The Bank of Canada convenes next week to decide on the rates. While no change is expected, the employment data certainly impacts the tone.

In this  week’s podcast, we  discuss:  USDown or greenback comeback? And also touch other topics:

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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.