Good Employment in US & Canada Pushes Loonie Higher
The Canadian currency jumped after positive employment data from the United States and Canada itself boosted the attractiveness of the loonie, though the currency gradually moves lower as of present time.
Canada’s employers added as much as 52,100 jobs in September, the second consecutive month of employment growth. That is compared to the median forecast of 11,700 and the previous reading of 34,000. At the same time, the unemployment rate rose by 0.1 percentage point to 7.4 percent, while analysts have thought that it would stay unchanged.
The Canadian data followed the positive US non-farm payrolls. Crude oil, the main Canada’s export, climbed after the favorable reports. All in all, this trading session was positive for the Canadian dollar, though it looks like the currency is not going to retain its strength.
USD/CAD was down from 0.9802 to 0.9782 as of 18:07 GMT today, following the drop to 0.9734 — the lowest rate since September 21. EUR/CAD fell from 1.2759 to 1.2748, while its daily low was at 1.2681. CAD/JPY advanced from 80.00 to 80.38 after it touched the maximum of 80.94 — the highest since September 19.
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:
- Loonie Gets Boost from Appearance of Risk Appetite (2012-10-04)
- Higher Commodity Prices Lead to Gains of Loonie (2012-10-01)
- Canadian Dollar Loses Ground against the US Dollar (2012-09-28)
- Canadian Dollar is Down as Negative Sentiment Grows (2012-09-26)
- Canadian Dollar Inches Higher against US Dollar (2012-09-21)