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Canadian Dollar (CAD) Rallies After Jobs Report Smashes Estimates

Canadian Dollar (CAD) Rallies After Jobs Report Smashes Estimates

Justin McQueen, Analyst

CAD Price Analysis & News

  • Canadian Employment Change 303.1k vs Exp. 100k
  • Unemployment Rate Drops 0.7ppts to 7.5%

BOTTOM LINE: Another strong employment report, with the headline rate showing 303.1k jobs created in March, above expectations of 100k. Gains were broad based with both full-time (175.4k) and part-time (127.8k) seeing a sizeable increase, while the unemployment rate dropped 0.7ppts to 7.5%, which is even more impressive considering the increase in the participation rate. However, one caveat to point out is that this data is prior to the recently announced lockdown measures across Canada, which had been among the factors behind the recent CAD weakness as BoC expected hawkishness had come under question. That said, while this data dispels some of those concerns, rising Covid cases across Canada does provide caution for the Loonie, particularly with oil prices struggling for upside as OPEC begin to turn on the production taps.

MARKET REACTION: CAD Strengthens Across The Board

In reaction to the jobs report, the Canadian Dollar firmed across the board with USD/CAD dropping to session lows. A similar reaction seen in CAD/JPY, which has also benefitted from a pick up in bond yields.

USD/CAD Chart: Intra-day Time Frame

Canadian Dollar (CAD) Rallies After Jobs Report Smashes Estimates

DATA OVERVIEW: DailyFX Economic Calendar

Canadian Dollar (CAD) Rallies After Jobs Report Smashes Estimates

Source: DailyFX

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