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Canadian Dollar Closes Higher as Unemployment Rate Drops

October 12, 2013 at 3:02 by Vladimir Vyun

Some Canadian dollar billsThe Canadian dollar closed higher on Friday as the unemployment rate unexpectedly fell. Employment growth trailed forecasts, but it did not prevent the currency from rallying.

Canadian employment grew by 11,900 jobs in September from August when it surged 59,200. Analysts have hoped for growth by 15,300. The unemployment rate unexpectedly dropped from 7.1 percent to 6.9 percent.

The data coupled with the signs of improvement in the US fiscal situation allowed the loonie to post gains. It was the first session of gains for the currency against its US peer this week.

USD/CAD dropped from 1.0397 to close at 1.0353 yesterday. EUR/CAD slid from 1.4057 to 1.4028 after touching 1.4109 — the highest price since August 23. CAD/JPY was up from 94.36 to 95.15.

If you have any questions, comments, or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.

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