Canadian Dollar Down on Job Figures
After a lot of expectation regarding Canadian employment figures that were published today, the loonie fell drastically versus most of 16 main traded currencies and specially versus its U.S. counterpart, as negative job figures shunned investors away from assets in Canada.
The Canadian employment figures improved their numbers in the past two months before today’s report, that surprised traders and investors, and jobs were cut in Canada and the total unemployment rose from 8.4 to 8.6 percent in September, suggesting that Canada’s resilience from the recession is not as accurate as the market sentiment towards the North American nation suggested. The Canadian dollar has been posting negative weeks since the Bank of Canada affirmed the a strong rally for its currency would suffer interventions to protect exporters and assure Canada’s recovery from the downturn period which started last year.
The negative job figures combined with concerns regarding an eventual intervention coming from the central bank in Canada are strongly affecting the loonie’s performance in
USD/CAD traded at 1.0737 as of 13:37 GMT from a previous rate of 1.0624 yesterday. AUD/CAD traded at 0.9805 from 0.9677.
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Earlier News About the Canadian Dollar:
- Canadian Dollar Remain High Before Jobs Report (2009-11-05)
- Canadian Dollar Extends Rally Before Fed Statement (2009-11-04)
- Canadian Dollar Reverts Negative Trend on Stocks Rebound (2009-10-30)
- Canadian Dollar Down Another Day on Stocks (2009-10-28)
- Canadian Dollar Strengthens on Decline Speculations (2009-10-27)