Canadian employment data was very good, better even than optimistic forecasts. It allowed that Canadian dollar to gain on its US counterpart and the Japanese yen, but the loonie was not able to outperform the euro.
Canadian employers added 24,900 jobs in January, compared to the median specialists’ estimate of 19,700. The increase followed the December’s slump by 45,900. The unemployment rate fell by 0.2 percentage point to 7.0 percent, a bit more than was expected.
The Canadian currency surged against other majors after the data was released, but the euro managed to pare losses versus the loonie, even though the shared European currency was not particularly strong itself. Meanwhile, the US employment data was disappointing sending the greenback lower against the loonie.
USD/CAD was down from 1.1068 to the closing price of 1.1038, reaching the low of 1.0967 intraday. EUR/CAD declined from 1.5041 to 1.4905, but rebounded and closed at 1.5056. CAD/JPY jump from 92.20 to 93.38 before it settled at 92.62.
If you have any questions, comments or opinions regarding the Canadian Dollar,
feel free to post them using the commentary form below.
