USD/CAD: Canadian Employment Data Set

The US Dollar depreciated against the Canadian Dollar, following the Canadian Employment data set release on Friday at 12:30 GMT. The USD/CAD exchange currency rate lost 13 pips or 0.10% after the release. The Loonie continued trading at the 1.3330 level against the Greenback after the release.

Statistics Canada released the Canadian Employment Change data, which came out better-than-expected of 418.5K compared with the forecast of 395.0K. Note that the US Employment data set was released at the same time.

According to the official release: "The July Labour Force Survey (LFS) results reflect labour market conditions as of the week of July 12 to 18, four months after the beginning of the economic shutdown resulting from the COVID-19 global pandemic. By then, businesses and workplaces across Canada were continuing to re-open, building on the resumption of economic activities that began in May and continued in June. A series of survey enhancements were continued in July, including supplementary questions on working from home, workplace adaptations and financial capacity. New questions were added on concerns related to returning to usual workplaces and receipt of federal COVID-19 support payments."