USD/CAD reacts to employment data

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At mid-day on Friday, at 12:30 GMT, the value of the US Dollar plummeted due to the release of the US monthly employment data. At the same time, the Canadian Dollar also lost value due to worse than expected employment numbers.

The US data release consisted of three data sets, which each showed different results.

The US Average Hourly Earnings increased by 0.5% instead of the forecast 0.2%. The Unemployment Rate was at 5.8% instead of the forecast 5.9%. Both of these numbers, in theory, strengthened the value of the US Dollar, as less unemployed population with larger salaries creates a larger domestic demand for the USD.

However, the US Non-Farm Employment Change came in lower than forecast. Namely, 559,000.00 thousand people found jobs in the month instead of the expected 645,000.00. In the view of the market this outweighed the positive numbers, and a value adjustment of the USD down occurred.

At the same time, the Canadian monthly employment data was published. The Canadian Unemployment Rate hit the forecast at 8.2%. However, the Canadian Employment Change was at -68,000.00 instead of the forecast -23,500.00. Namely, there was a bigger decline in the number of employed people than expected.

Due to this reason one can observe that the USD/CAD rate initially dropped 38 pips and afterwards recovered 20 base points.

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USD drops due to employment data

At mid-day on Friday, at 12:30 GMT, the value of the US Dollar plummeted due to the release of the US monthly employment data. The EUR/USD surged by 60 base points or 0.50%. The US data release consisted of three data sets, which each showed different results. The US Average Hourly Earnings increased by 0.5% instead of the forecast 0.2%.

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