News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Canadian Dollar Surges after March Employment Improved the Most in 3 Years

Canadian Dollar Surges after March Employment Improved the Most in 3 Years

Trang Nguyen,

THE TAKEAWAY:Canada Net Change in Employment was 82.3 Thousand in March, Unemployment Rate Falls to 7.2 Percent> Employment growth accelerates as Full-time Work Surges>CAD Strengthens vs. Most of its Major Peers

The labor force report issued by Statics Canada today draws a rosy picture about Canadian economic prospects as March employment unexpectedly grew the most since 2008, mostly in full-time work. The economy surprisingly added 82.3 thousand jobs last month, after slashing 2.8 thousand in February. The reading was well above consensus forecast as twenty-four economists surveyed by Bloomberg News called for a modest gain of 10.5 thousand. From a year earlier, employment edged up 1.1 percent.

The improvement in March labor market situation was mainly attributable to growth in full-time employment which was up 181 thousand (+1.3%) while part-time employment increased. New hires were notably rose among private sector, and increased in public sector and the self-employed. Regarding to sectors, health care and social assistance, information, culture and creation and public administration reported substantial employment gains. In contrast, educational services registered employment loss.

As a consequence of 82.3 thousand jobs created in the month, unemployment rate for Mach falls to 7.2 percent, the lowest level since September 2011.

USDCAD 1-minute Chart: April 05, 2012

040512_Canadian_Unemployment_Rate_March_body_Picture_2.png, Canadian Dollar Surges after March Employment Improved the Most in 3 Years

Chart created using Strategy Trader – Prepared by Trang Nguyen

Following the stronger-than-expected employment report, the Canadian currency jumped versus most of its major peers to reverse earlier losses. As seen on the 1-minute USDCAD chart above, the Canadian dollar strengthened approximately 65 pips against the greenback from 0.9985 to 0.9920 in twenty-five minutes. At the time this report was written, a U.S. dollar trades at $C0.99344.

--- Written by Trang Nguyen, DailyFX Research Team for

To contact Trang, email

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.