USD/CAD plummets on Canadian jobs report

Canadian jobs market is on fire

By the numbers:

  • Canada Jul Net Jobs +54,100 From Jun
  • Canada Jul Net Jobs Forecast At +17,000
  • Canada Jul Full-Time Jobs -28,000; Part-Time +82,000
  • Canada Jul Jobless Rate 5.8%; Jun 6.0%
  • Canada Jul Jobless Rate Forecast At 5.9%
  • Canada Jul Avg Hourly Wages +3.2% From Year Ago
  • Canada Labor Force +19,100 In Jul From Jun
  • Canada Jul Participation Rate At 65.4% Vs 65.5% In Jun
  • Job creation flew by market expectations in July as large gains in part-time and public sector positions helped push down the unemployment rate by two-tenths.

    Canada added a net +54.1K jobs in July on a seasonally adjusted basis. The market was looking for a net gain of +17K.

    Canada’s new jobless rate fell to +5.8% in July, down from +6% in June. The market was looking for an unemployment rate of +5.9%.

    The loonie is off from its intraday low of C$1.3122 and currently trading C$1.3062 immediately after the release.

    This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

    Dean Popplewell

    Dean Popplewell

    Vice-President of Market Analysis at MarketPulse
    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