Canada loses 11K jobs – unemployment rate 7%

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Canada was expected to report a gain of 10.3K jobs in August and to see the unemployment rate unchanged at 7%. The labor productivity figure was expected to rise by 0.1% in Q2.

The Canadian dollar was showing strength against the USD rally.

2.3K full time jobs were lost, while part time jobs suffered a drop of 8.7K positions.

The Canadian economy needs a strong US economy for internal demand. At the same time, the NFP report is released in the United States. The US disappointed with a job gain of only 142K, and most other details are underwhelming as well.

The participation rate in Canada stands at 66%, lower than 66.1% but significantly higher than 62.8% in the US. Labor productivity stands at 1.8%.

1.0850 serves as support, and 1.0940 as resistance. For more, 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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