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Canadian Labor Market Disappoints in June, USD/CAD Rips Higher

Canadian Labor Market Disappoints in June, USD/CAD Rips Higher

David Maycotte,

Talking Points

  • Canadian Employment Falls by 9,400 in June vs a 20,000 Expected Rise
  • Canadian Employment Rate Rose to 7.1 percent from 7.0 percent
  • USDCAD Ripped Higher on the News Announcement

The Canadian June employment figures disappointed today as employment fell by 9,400 jobs and the unemployment rate ticked higher to 7.1 percent from 7.0 percent. The data fell short of market expectations as business confidence wanes, sending the Canadian Dollar lower against the US Dollar. According to the report by Statistics Canada, part-time positions declined the most since July 2012.

Story: USD/CAD Technical Analysis: Waiting for Greater Clarity

 Canadian Labor Market Disappoints in June, USD/CAD Rips Higher

USD/CAD 5-Minute Chart using FXCM Marketscope 2.0

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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