Yet another excellent jobs report from Canada: 45.3K jobs gained. The unemployment rate drops to 6.5%, also a beat of expectations.
USD/CAD is falling to a new low of 1.2902, also moving on the weak US jobs report. The current levels are new cycle lows. Support awaits at 1.2830 and 1.12750.
Here is the big reaction on Dollar/CAD: a double whammy after the simultaneous releases:
Canada was expected to report a gain of around 10K jobs in June, after a whopping leap of 54.5K back in May. The unemployment rate was expected to remain unchanged at 6.6%. Canada’s participation rate stood at 65.8% last time.
USD/CAD was trading closer to 1.30, refusing to move away from the round number. The reason for the most recent slide in the value of the C$ stemmed from a fresh slide in oil prices.
The United States released its own jobs report at the same time.
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