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Week in FX AMERICAS: Canadian Employment data Trumps NFP

The Canadian job print headline was far better than its largest trading partner’s payroll release. Canada’s employment growth tripled consensus (+34.3k). If one digs deeper, the details were mixed, as most of the job gains were part-time as full time employment declined –12.5k. The solid report allowed the loonie to rally to a new 12-month high. In the past 10-years +50% of CAD gains are due to commodity prices and +40% is due to “big” dollar weakness. The disappointing US data is seen as increasing the likelihood of the Fed injecting new stimulus into the economy as early as next week, as it is seeks to prop up its anemic labor market. The loonie trading at a premium to the US appears to be a “rare safe haven in a risky world.”

Below are some other highlights of the week:




EUROPE Week in FX [5]

ASIA Week in FX [6]



  • JPY starts the week producing its current account
  • Trade Balance is released in CNY, CAD and USD
  • Mid-week we have the all-important German constitutional hearing
  • Monetary policy decisions in CHF, NZD and USD
  • Inflation and Retail sales data is presented in the USD
  • Unemployment claims numbers are released in GBP and USD
  • Week rounds off with consumer sentiment out of the USD


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Dean Popplewell

Dean Popplewell [11]

Vice-President of Market Analysis at MarketPulse [12]
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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