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CAD Rallies After Canada Added More Jobs Than Expected in August

CAD Rallies After Canada Added More Jobs Than Expected in August

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [Canada’s unemployment rate steady; more jobs than forecast added in August] > [Labor market likely to remain largely stagnated as global weaknesses weigh on demand] > [CAD bullish]

Canadian employers added more jobs to the labor market than forecast in August, led by a rise in part-time positions. Ottawa-based Statistics Canada released a report today that showed 34,300 new jobs added in August, reversing the unexpected decline of 30,400 jobs the previous month. The median forecast of 25 economists surveyed by Bloomberg News had projected an advance of 10,000 new jobs. Canada’s jobless rate remained unchanged at 7.3 percent as expected, while the labor force participation rate rose to 66.6 percent from 66.5 percent a month earlier as more Canadians re-entered the work force.

Part-time employment rose by 46,700 in August, while full-time positions fell by 12,500, the first decline in seven months. Job growth was led by gains in transportation and warehousing, and professional, scientific and technical services. Conversely, the construction industry posted the largest drop, with a decline of 44,000 jobs as the Canadian government continues to work towards containing a possible housing bubble.

Canada’s labor market is likely to remain largely stagnated over the next year, as weakness in global economies continues to weigh on demand for Canadian goods and exports.

USDCAD 1-minute Chart: September 7, 2012

CAD_Rallies_After_Canada_Added_More_Jobs_Than_Expected_in_August_body_Picture_1.png, CAD Rallies After Canada Added More Jobs Than Expected in August

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The loonie strengthened against the greenback in the minutes following the release of the labor market report. A U.S. employment report was released at the same time, which reported a huge miss on nonfarm payroll employment figures in contrast to the better-than-expected Canadian employment figures. At the time of this report, the USDCAD pair was trading at C$0.9783.

--- Written by Tzu-Wen Chen, DailyFX Research

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