Canada has reported a loss of 1,010,700 jobs in March, around triple the early estimates. The unemployment leaped to 7.8%, also worse than expected. USD/CAD initially jumped but then dropped back down. — more to come Canada was expected to report a loss of around 350,000 jobs in March, due to the coronavirus outbreak. The nation reported a leap in jobless claims last month, with applications hovering around one million at one point. The Canadian government took steps to keep people at work as well as to help the unemployed while imposing lockdowns. Economists expected the unemployment rate to jump from 5.6% to 7.2% despite a projected drop in the participation rate from 65.5% to 65.1%. Wage growth stood at 4.33% yearly in February. Statistics Canada said that it will attempt to adjust the figures for the disruptions caused by coronavirus. The US has released weekly jobless claims at the same time, which were forecast to stand at 5.250 million in the week ending April 3. USD/CAD has been trading above 1.40 ahead of the publication, whipsawed alongside oil price. The OPEC+ meeting led by Saudi Arabia and Russia is deliberating reducing oil output. Falling demand due to COVID-19 and a price war between the two petrol exporters have sent oil prices plunging. Oil producer in the Canadian province of Alberta has also been involved in talks aimed to stabilize prices. USD/CAD ahead of the publication, click to see a live chart: FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY remains stuck in a range below 109.00 mark, moves little post-US jobless claims FX Street 2 years Canada has reported a loss of 1,010,700 jobs in March, around triple the early estimates. The unemployment leaped to 7.8%, also worse than expected. USD/CAD initially jumped but then dropped back down. -- more to come Canada was expected to report a loss of around 350,000 jobs in March, due to the coronavirus outbreak. The nation reported a leap in jobless claims last month, with applications hovering around one million at one point. The Canadian government took steps to keep people at work as well as to help the unemployed while imposing lockdowns. Economists expected the unemployment rate to jump… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
