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Positive Employment Report Fails to Boost Canadian Dollar

October 5, 2018 at 13:27 by Vladimir Vyun

A fan of 100-dollar notesThe Canadian dollar behaved similarly to its US counterpart, climbing after the release of a domestic employment report but pulling back later. That was surprising considering that Canada’s macroeconomic reports released today were universally good.

The Statistics Canada reported that employment rose by 63,300 in September. That is compared to the increase by 25,000 predicted by analysts and the huge drop by 51,600 logged in August. The unemployment rate ticked down from 6.0% to 5.9%, matching forecasts.

The trade balance, released separately, showed a surplus of C$0.5 billion in August that followed the deficit of C$0.2 billion in July. Forecasters missed the mark as they have predicted an increase of the deficit to C$0.5 billion.

USD/CAD traded at 1.2914 as of 13:17 GMT today after opening at 1.2921. EUR/CAD opened at 1.4874, fell to the low of 1.4831 intraday but bounced to 1.4887 later. CAD/JPY trade at about 88.15, near its opening level of 88.11, after rising to the daily high of 88.32 earlier.

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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