Canada Loses 54.5K jobs, unemployment rate rises – horrible

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Canada lost 54.5K jobs and saw a rise of 0.1% in the unemployment rate. The job loss erases the big leap seen last month and is undoubtedly a terrible report. Canada was expected to see a small rise of 6.8K jobs in March, after a big leap in February. The unemployment rate was expected to tick up from 7% to 7.1%.

USD/CAD traded at around 1.0150 before the release. It is always important to remember that the US released its own jobs data at the same time. USD/CAD jumped above 1.02 and is now struggling with this line.

Canada’s trade balance was expected to shift from a deficit of 0.2 billion to a surplus of the same scale. The deficit actually rose to 1 billion – yet another disappointment.

US Non-Farm Payrolls disappointed badly with only +88K job gains.

Resistance appears at 1.02, 1.0250 and 1.03, while support appears at 1.01 and 1.0066. The chances of seeing USD/CAD parity anytime soon are reduced.

For more on USD/CAD, 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 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.

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