The Canadian dollar today fell against its US counterpart following the release of weak Canadian jobs data for March in the early American session. The USD/CAD currency pair rallied to new highs following the release of the weak jobs data from Canada as well as the upbeat US non-farm payrolls report.
The USD/CAD currency pair today rallied from a low of 1.3345 in the European session to a high of 1.3402 following the dual jobs reports before retracing some of its gains.
The currency pair headed lower in the Asian session amid stable crude oil prices as tracked by the West Texas Intermediate, which hit a high of 62.65, before breaking higher in the European session. The pair rallied into the American session where it jumped higher following the release of the Canadian labour force survey for March by Statistics Canada. According to the report, the job market lost 7,200 jobs instead of adding 1,000 jobs as expected. The unemployment rate remained stable at 5.8% as was expected, while average hourly earnings grew by 2.3% beating expectations set at 2.2%.
The pair’s rally was further boosted by the upbeat non-farm payrolls report released by the Bureau of Labor Statistics, which came in at 196,000 versus the expected 180,000. The US unemployment rate remained stable at 3.8% in line with expectations.
The currency pair’s future performance is likely to be influenced by crude oil prices and geopolitical events over the upcoming weekend.
The USD/CAD currency pair was trading at 1.3380 as at 14:43 GMT having risen from a low of 1.3345. The CAD/JPY currency pair was trading at 83.46 having fallen from a high of 83.68.
If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.
