Canadian Dollar Jumps on US Nonfarm Payrolls

The Canadian dollar rose today against all of the most traded currencies, becoming the best performer today, as the attractiveness of the growth-related currencies was boosted by the better-than-expected US nonfarm payrolls.
The US nonfarm payrolls posted the drop by 54,000 work places in August. The analysts were very pessimistic before the report, estimating the decline to be as much as 101,000. The private payrolls, excluding the government jobs, rose by 67,000. The MSCI World Index advanced 1.1 percent.
The loonie again shows its resilience, but some analysts think that the Canadian currency should trade closer to 1.0475 per the US dollar. The policy makers of the Bank of Canada will meet on September 8th to decide whether to raise the interest rates for the third times since June 1st.
USD/CAD tumbled to 1.0392 today as of 18:30 GMT from the opening level of 1.0522, following the surge to 1.0567. EUR/CAD dropped to about 1.3387 after it opened at 1.3493 and reached the intraday high of 1.3565.

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