The Canadian dollar rallied today, propelled higher by the amazing employment data and the rally of crude oil. The falling housing starts were unable to deter the currency from rising.
Canada’s employment increased by 40,600 in March from February, exceeding analysts’ predictions by about four times. What is even better, the vast majority of the jobs were full-time. The unemployment rate fell from 7.3% to 7.1% unexpectedly.
Meanwhile, housing starts declined to 204,251 in March, down from 219,077 units in February. This had a limited impact on the loonie, especially as crude oil was heading to the biggest weekly gain in a month.
USD/CAD dropped 1.2% from 1.3147 to 1.2997 as of 19:58 GMT today. EUR/CAD declined from 1.4958 to 1.4816. CAD/JPY jumped 1.1% from 82.29 to 83.21.
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