USD/CAD Rallies on Weak Canadian Jobs Data and Upbeat US NFP Report

The USD/CAD currency pair today rallied from fresh weekly lows to new daily highs in the early American session following the release of the latest Canadian jobs data. The pair’s rally was further boosted by the release of the upbeat US non-farm payrolls report, which triggered a massive rally by the greenback against most of its peers.
The USD/CAD currency pair today rallied from a low of 1.3044 to a high of 1.3109 following the jobs’ reports from the two countries.
The currency pair was on a downtrend from the start of today’s session as the greenback extended yesterday’s losing streak. However, the pair started rallying after Statistics Canada released its labour force survey for October. According to the report, Canada’s unemployment rate dropped by 0.1% to come in at 5.8%, which was lower than the expected 5.9%. Hourly earnings for permanent employees grew by 1.9% falling short of consensus estimates by 0.4%. The country’s net change in employment also missed expectations by coming in at 11,200 jobs instead of the expected 15,000 jobs.
The release of the US non-farm payrolls data for October by the Bureau of Labor Statistics also contributed to the loonie’s decline as the print came in at 250,000 jobs beating expectations by 50,000 jobs. The US unemployment rate was also in-line with estimates as it was recorded at 3.7%.
Given the upcoming weekend, the currency pair’s future performance is likely to be affected by geopolitical events and global crude oil prices.
The USD/CAD currency pair was trading at 1.3098 as at 14:16 GMT having rallied from a low of 1.3044. The CAD/JPY currency pair was trading at 86.18 having dropped from a high of 86.59.

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