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.
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.
Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019