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Canadian Dollar Gains on Upbeat Jobs Data and Mixed US NFP

March 8, 2019 at 17:13 by Simon Mugo

All the Canadian dollar bills denominationsThe Canadian dollar today rallied against its US counterpart for the first time this week following the release of upbeat Canadian jobs data in the early American session. The USD/CAD currency pair  today broke its 6-day rally streak as the loonie gained against the greenback boosted by the mixed NFP report.

The USD/CAD currency pair today fell from a high of 1.3466 to a low of 1.3387 following the employment reports from the two neighboring countries.

The currency pair opened today’s session trading around the 9-week highs it had hit yesterday following the greenabck’s rally after the dovish ECB rate decision. However, the pair went on to trade in a sideways range amid weak oil prices as tracked by the West Texas Intermediate. The release of the Canadian labour force survey by Statistics Canada in the early American session triggered the loonie’s rally as most prints beat expectations. The unemployment rate met expectations set at 5.8%, while the change in employment was higher than expected at 55,900 versus the estimated 1,200 new jobs. The average hourly wages and the participation rate both came in above expectations.

The mixed US non-farm payrolls released by the Bureau of Labor Statistics also contributed to the pair’s decline as the US Dollar Index fell. The headline print came in at 20,000 versus the expected 180,000 due to the government shutdown.

The pair’s future performance is likely to be affected by crude oil prices and geopolitical events over the weekend.

The USD/CAD currency pair was trading at 1.3426 as at 17:05 GMT having dropped from a high of 1.3466. The CAD/JPY currency pair was trading at 82.74 having risen from a low of 82.41.

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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