The Canadian jobs report comes out more or less as expected: 6.6K jobs gained, marginally above expectations. The unemployment rate remains 6.8%.
USD/CAD is up due to the USD strength. The NFP was mediocre, but still triggered dollar strength.
The Canadian economy was expected to gain 5.3K jobs in July following a loss of 6.4K jobs back in June. The unemployment rate was predicted to remain unchanged at 6.8%.
USD/CAD traded around 1.31, off the highs seen earlier in the week. At the exact same time, the US also released its jobs report: the Non-Farm Payrolls, leading to elevated volatility.
At the same time, Canada also reported building permits, that were expected to bounce up 5.1% after a big fall of 14.5% in the previous month (before revisions).
More:
- USDCAD Seems Impulsive Bullish – Elliott Wave Analysis
- USD/CAD: Next Target – Goldman Sachs
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