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CAD Soars After Canada Jobs Crush Estimates, Jump to 106.5K

CAD Soars After Canada Jobs Crush Estimates, Jump to 106.5K

Thomas Westwater, Analyst

CANADA JOBS & USDCAD – TALKING POINTS

  • Canada added a very healthy 106.5k jobs in April, the best monthly job gains on record
  • The unemployment rate unexpectedly dropped to 5.7%
  • Retail and construction led the labor market gains

USDCAD dropped this morning to 1.3381 as Canada posted surprisingly strong employment numbers Friday morning after a reading of 106.5k job additions crushed the 11.6k estimate. The April report notched the strongest monthly employment gain on record since Canada started tracking the figures in 1976. The upbeat data may help put the Canadian Dollar back on a bullish footing going forward, with the currency struggling for direction lately.

The unemployment rate also dropped to 5.7%, which is near historic lows. There were 83.8k jobs created in the private sector while 22.7k were added in the public sector – the majority of those being full-time positions. Part-time positions also performed well with 33.6k jobs added.

USDCAD PRICE CHART: 5 MINUTE TIME FRAME (MAY 10, 2019 INTRADAY)

USDCAD

Retail/wholesale services industry was the biggest contributor to the headline figure with 32.4k jobs added, while construction was also a strong performer with 29.2k additions. This morning’s data is very encouraging considering the industry previously suffered 4 months of straight declines.

Manufacturing, agriculture, utilities, health care, and financial services also saw gains while, professional services and education saw losses. Earnings also picked up in April as average hourly wages for permanent workers increased 2.6% on a year over year basis, beating economist expectations of a 2.3% increase.

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

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