Better-than-expected reports on the Canadian labour market contributed to slight increase in the USD/CAD exchange rate, though the pair remained near the lowest level in 28 months. The Greenback strengthened against the Canadian Dollar by 0.23% to start an upmove until the 1.2158 mark..
Statistic Canada showed on Friday that the country's unemployment rate dropped surprisingly to 6.2% in August, compared to the 6.3% reading in the prior month. The report also revealed that the Canadian economy added 22K jobs last month. Strong data fuelled expectations for the economy to expand further at a solid pace, underlined by the BoC unexpected decision to raise the key interest rate to 1.0%.
| Historical Data Table: Employment Change | |||||
| Date | 05.05.2017 | 09.06.2017 | 07.07.2017 | 04.08.2017 | 08.09.2017 |
| Actual | 3.2K | 54.5K | 45.3K | 10.9K | 22.2K |
| Forecast | 20.0K | 11.5K | 11.4K | 13.1K | 17.8K |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| AUD/CAD | 0.97943 | 0.98059 | 0.12% | ||
| CAD/CHF | 0.78199 | 0.78034 | -0.21% | ||
| EUR/CAD | 1.45786 | 1.46009 | 0.15% | ||
| USD/CAD | 1.20856 | 1.21135 | 0.23% | ||