Fundamental Analysis

Fundamental Analysis

USD/CAD: Employment Change
Mon, 11 Sep 2017 05:02:11 GMT
Source: Dukascopy Bank SA

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%

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