Canada was expected to gain 14.8K jobs. The unemployment rate was expected to stay unchanged at 7.2%, and that is what happened. Contrary to previous months, the jobs report came out within expectations. Last month saw a big loss, following a huge gain.
USD/CAD traded under 1.01 before the publication and is now trading above 1.0120. Why is the Canadian dollar falling after an OK report? The answer comes from the other side of the equation.
The US dollar has been on the rise across the board, since USD/JPY pushed above 100 in the US session. The move also sent GBP/USD, AUD/USD and even EUR/USD to test critical lines.
USD/CAD was already very close to parity before the dollar storm and it retreated from there. Now, the Canadian dollar is very sensitive to the jobs report, and was relatively cautious before the publication. However, without a very positive outcome, the loonie can now resume its falls, joining the big club of currencies.
For more, see the USDCAD forecast.
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