Employment Data Boost CAD vs. USD
The Canadian dollar jumped to the highest level in a year against its US counterpart today as Canada’s employment growth was much higher than expected. US employment was disappointing and that also added to bullish bias of the Canadian currency. The loonie fell versus the euro and the Japanese yen.
Canadian employers added 34,300 jobs in August, following the drop by 30,400 in July. Economists expected an increase by just 9,900. The unemployment rate remained at 7.3 percent. On top of that, the Ivey Purchasing Managers’ Index was little changed at 62.5, while analysts predicted decline to 61.2.
USD/CAD dropped from 0.9828 to 0.9779 as of 19:00 GMT today and its daily minimum of 0.9764 was the lowest since September 2, 2011. Meanwhile, EUR/CAD rose from 1.2414 to 1.2516 and CAD/JPY fell from 80.24 to 80.00.
If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.
Earlier News About the Canadian Dollar:
- Good News Make CAD Stronger, Even More Good News Expected Tomorrow (2012-09-06)
- Bank of Canada Holds Rates, Loonie Slumps (2012-09-05)
- Canadian Dollar Stands Still Ahead of BoC Rate Decision (2012-09-05)
- Canadian Dollar Consolidates Last Week's Gains (2012-09-03)
- Canadian Dollar Falls Back on Economic Uncertainty (2012-08-30)