The Canadian dollar made a huge leap higher today after the release of amazingly good employment data from Canada. The currency was able to outperform the US dollar, which itself had been bolstered by employment data from the United States.
Canadian employment grew by 58,900 (seasonally adjusted) in May after the disappointing report for April that has shown a drop by 19,700. The May increase was far above the predicted rate of 10,200. The unemployment rate stayed at the same 6.8 percent level as in the previous month.
The employment data allowed the Canadian currency to jump more than 1 percent against other majors, like the Great Britain pound and the Japanese yen. The currency even gained on the very strong US dollar, though it has not been able to do so immediately. The loonie had dropped against the greenback at first but has bounced and is trading above the opening level right now.
USD/CAD slipped from 1.2501 to 1.2470 as of 17:16 GMT today after rallying to the daily high of 1.2561 earlier. EUR/CAD dipped 1.3 percent from 1.4047 to 1.3870. CAD/JPY rallied 1.1 percent from 99.44 to 100.65, reaching the highest level since January 9.
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