USD/CAD Canadian Dollar Rises After Unexpected Jobs Gain

The loonie rose after the release of the August jobs report. The Canadian economy added 81,100 jobs, beating the expectations of a 23,800 gain. Full time and part time employment saw gains, but it was the part time sector where most of the gains came from.

usdcad Canadian dollar graph, September 6, 2019

The USD/CAD is headed towards the 1.32 price level after the NFP underperformed with a 130,000 job gains in the United States in August. The forecast called for a range above 150,000. Employment continues to be solid, but the US dollar is sensitive to data misses as the Fed is getting ready to cut rates this month. This does not help their case of patience and the market will focus on next week’s inflation and retail sales data.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza