USD/CAD surges due to employment data

Source: Dukascopy Bank SA


At 12:30 GMT, the USD/CAD was treading near the day's low levels at 1.2812, as the United States and Canada published their respective employment statistics. In general, the US data surprised and caused a strengthening of the USD, and the Canadian data revealed the situation to be worse than forecast, which beat down the value of the Canadian Dollar.

The US Average Hourly Earnings month-on-month change disappointed by coming in at 0.3%, compared to the forecast of 0.4%. US Unemployment Rate was revealed to be by 0.1% higher than forecast due to it being at 3.6% instead of 3.5%. Meanwhile, above all, the Non-Farm Employment Change revealed that in April 428,000 people found jobs, instead of the market consensus 390,000.

In the meantime, Canadian Unemployment Rate hit the forecast at 5.2%, and Employment Change revealed that 15,300 people found jobs. However, the market consensus was at 39,500.

The USD/CAD currency pair reacted to the combination of data with a surge of 61 base points or 0.48% in the 30 minutes following the release.
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