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Canadian Dollar Rallies on Improved Employment, But Not Against USD

Canadian Dollar Rallies on Improved Employment, But Not Against USD

Benjamin Spier, Technical Strategist

Talking Points:

  • Canadian economy sees a positive net employment change for the third month
  • Unemployment rate remains at a four year low
  • CAD/JPY rallies on data

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The Canadian unemployment rate remained at a 4-year low, as the labor market saw a positive net change in employment for the third consecutive month.

The Canadian economy added a net 13.2 thousand jobs in the month of October, beating expectations for 11 thousand additional jobs and higher than the 11.9 thousand change in employment in September. The unemployment rate remained at 6.9% in October, despite expectations for the rate to rise to 7.0%.

The participation rate in the Canadian labor market remained at 66.4% in October, according to Statistics Canada. Net 16 thousand full time jobs were added to the market, meaning that part time employment fell by 2.7 thousand, meaning more workers are probably moving from part time positions to full time employment.

The Bank of Canada shifted its tone in the October meeting, no longer mentioning the possibility of a rate increase for the first time in more than a year, because of lower inflation risks and worse economic activity. Therefore, improved economic releases, like the employment data we saw today, may again push the BoC to consider a rate target hike, which is Canadian Dollar positive.

However, the reaction to the Canadian Dollar was impossible to see in USD/CAD, because of the simultaneous release of US employment data. The Loonie did spike about 45 pips against the Yen following the release. CAD/JPY may next see resistance by the 200-day moving average at 94.93, right below the key 95.00 figure.

New to Forex? Watch this video

CAD/JPY 1-Minute: November 8, 2013

Canadian_Dollar_Rallies_on_Improved_Employment_But_Not_Against_USD_body_Picture_1.png, Canadian Dollar Rallies on Improved Employment, But Not Against USD

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

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