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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • 🇳🇿 NZD BusinessNZ Manufacturing PMI (OCT), Actual: 52.6 Expected: N/A Previous: 48.8 https://www.dailyfx.com/economic-calendar#2019-11-14
  • 🇳🇿 NZD BusinessNZ Manufacturing PMI (OCT), Actual: 52.6 Expected: N/A Previous: 48.4 https://www.dailyfx.com/economic-calendar#2019-11-14
  • Crude #oil prices remain trapped in the sideways consolidation that has defined price action since October 31. Get your market update from @CVecchioFX on crude oil here: https://t.co/v5OKIqX6Z1 #OOTT https://t.co/hzbfxcH6eN
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.57%, while traders in France 40 are at opposite extremes with 84.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/czS6J7TV5z
  • Just a reminder, the White House's deadline on the auto tariff decision is due today after the extension. Stay on Twitter watch. Trump seems to like make big calls shortly after the close...
  • Heads Up:🇳🇿 NZD BusinessNZ Manufacturing PMI (OCT) due at 21:30 GMT (15min), Actual: N/A Expected: N/A Previous: 48.4 https://www.dailyfx.com/economic-calendar#2019-11-14
  • RT @ABehsudi: Commerce is expected to extend a limited, temporary waiver for blacklisted firm Huawei, notwithstanding any last-minute direc…
  • RT @zerohedge: POMO is temporary, they said. It's just a mid-September tax payment, they said https://t.co/nBeHAZ9kJc
  • $MJ: Pot stock market caps going 'up in smoke' https://t.co/q3v88TVO93
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: France 40: 0.19% Germany 30: 0.11% US 500: 0.02% Wall Street: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/TtF93qmxed
CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

2018-08-10 15:30:00
Peter Hanks, Junior Analyst
Share:

Talking Points:

  • Canada added 54.1k jobs in July, versus the expected 17k
  • On the back of the added jobs, unemployment fell to 5.8% from 6.0% in June
  • The positive data strengthens the case for a hawkish Bank of Canada moving forward

Learn the number one mistake traders make when trading. Download our Traits of Successful Traders Guide in the Beginner section of the DailyFX Trading Guides page.

Canadian employment data surpassed expectations Friday, temporarily boosting the Canadian Dollar. Jobs added for the month of July beat the forecasted 17k, weighing in at 54.1k. The strong addition to the labor force contributed to Canadian unemployment reaching 5.8%, lower than the 6.0% in June and the forecasted 5.9%. The figures are in line with recent data coming out of Canada, with GDP for May at 2.6%, beating the 2.3% estimate.

With the recent string of robust data, the Reserve Bank of Canada’s hawkish stance will likely continue in near-term. The last rate hike was on July 11th, with a 25 basis-point bump to 1.5%, the highest rate since 2008. The next rate decision facing the central bank is on September 5th, with futures seeing the probability of a hike around 22%.

In response to the news, the loonie temporarily bounced versus its southern counterpart in the greenback, but quickly surrendered gains. The USD/CAD pair climbed off the 1.3000 psychological level earlier in the week, now trading around 1.3085.

USD/CAD Price Chart: 15-Minute Time Frame, August 8 (Chart 1)

CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

The loonie also gained ground versus the euro Friday, but the climb was largely due to the developing situation in Turkey. A bump can be seen in the pair around the time of the news release at 12:30 GMT but gains from the data were somewhat retraced.

EUR/CAD Price Chart: 15-Minute Time Frame, August 8 (Chart 2)

CAD Strengthened on Positive Employment Data, Unemployment to 5.8%

Next week is particularly light for economic data coming out of Canada, with the only event of high importance being CAD CPI on Friday. Last month’s CPI weighed in at 2.5%. To see other events for Canada and the major currencies, view our economic calendar.

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

DISCLOSURES

News & Analysis at your fingertips.