USD/CAD: Canadian Employment Data Set

The US Dollar depreciated against the Canadian Dollar, following the Canadian Employment data set release on Thursday at 12:30 GMT. The USD/CAD exchange currency rate lost 55 pips or 0.39% after the release. The Greenback continued trading at the 1.4040 level against the Canadian Dollar after the release.

Statistics Canada released the Canadian Employment Change data, which came out worse-than-expected of negative 1010.7K compared with the forecast of negative 427K. Note that the US Unemployment Claims data was released at the same time.

According to the official release: "In March, the number of employed people fell by more than one million (-1,011,000 or -5.3%). The employment rate, or the proportion of people aged 15 and older who were employed, fell 3.3 percentage points to 58.5%. This was the lowest employment rate since April 1997. It is expected that the sudden employment decline observed in March will have a significant effect on the performance of the Canadian economy over the coming months."