Canada gains 59.2K jobs, unemployment rate falls – USD/CAD

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Canada was expected to gain 21.2K jobs in August after a big loss of 39.4K jobs in July. The unemployment rate was expected to remain unchanged.

USD/CAD was dropping towards the double publication of the US Non-Farm Payrolls and the Canadian job numbers. It traded around 1.0450. — The pair fell to 1.04 but doesn’t dive too low.

Apart from the weak jobs report, also other figures showed weakness in the Canadian economy and weakened the loonie. On the other hand, tensions around Syria pushed oil prices higher and helped the C$.

US Non-Farm Payrolls disappointed with a weak rise, downwards revisions and a low participation rate.

The US NFP is critical for QE tapering, and its impact is bigger than usual this time. So, this Canadian jobs report might be better reflected in Canadian crosses.

For more on the C$, see the Canadian dollar forecast.

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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.

9 Comments

  1. Pingback: Canada gains 59.2K jobs, unemployment rate falls – USD/CAD falls | Beginning Forex

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