A mixed jobs report from Canada: the nation lost 0.7K jobs instead of gaining ones. However, the unemployment rate dropped to 6.8%. The participation rate slides to 65.5%, and that explains the drop in the unemployment rate. All in all, a slightly disappointing publication from Ottawa.
USD/CAD is at 1.3030, up, but that’s mostly because of the great US NFP.
Canada was expected to report a gain of 5000 jobs in June, a lower pace from 13.8K seen in May. The unemployment rate was predicted to rise from 6.9% to 7%. May’s participation rate stood on 65.7%.
USD/CAD was hugging the 1.30 level around the publication. It is important to note that the US jobs report is published at the same time and it overshadows the Canadian one in terms of attention.
The Canadian dollar has shown its strength: the loonie hardly fell when oil prices dropped sharply. This indicated an asymmetric risk in relation to this report: a weaker number could be shrugged off while a good number could send the C$ much higher.
Get the 5 most predictable currency pairs