The employment numbers for Canada were not good, the drop was significant as these were full time jobs, expectations of a gain of 6,000 new jobs did not materialize. This news definitely puts any rate hikes by the Bank of Canada on hold for this year. As a result, the Canadian dollar has weakened even with oil prices nearing the $63 USD mark, expect continued weakness in the short term.
Currently Close Range
USDCAD 1.3386 1.3359 1.3349-1.3403
EURCAD 1.5016 1.4989 1.4987-1.5061
GBPCAD 1.7417 1.7467 1.7393-1.7529
Prior Actual
CA: Employment March 55.9K -7.2K
Unemployment rate 5.8% 5.8%
US: Nonfarm Payrolls March M/M 33K 106K
Unemployment rate 3.8% 3.8%
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