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Canada’s weak employment numbers versus U.S. better employment numbers leaves Canadian dollar weaker

By MoneyWay | Jul 5, 2019

This morning’s numbers on both sides of the 49th parallel were exact opposites, Canada was to suppose have higher job numbers and lower unemployment rate, and the U.S. was to have lower job numbers and a higher unemployment rate. As a result, both central banks are now having to revise their forecasts as to where their respective                 economies are going. In the U.S. analysts were calling for as much as a half percent rate cut this month with further cuts for the rest of the year, meanwhile the Bank of Canada had intimated that it was inclined to leave rates alone or even one possible hike was in the cards. Based on today’s data this is definitely going to put things on hold with the BoC being forced to cut rates in the near future.

Currently             Close                     Range

USDCAD               1.3105                   1.3053                   1.3045-1.3137

EURCAD               1.4696                   1.4728                   1.4696-1.4750   

GBPCAD               1.6397                   1.6418                   1.6376-1.6445

                                                                                                Prior                      Actual

CA:         Employment  June                                           27.7K                     -2.2K

                Unemployment Rate                                      5.4%                      5.5%

US:         Employment Situation June

                                Nonfarm payrolls                             72K                         224K

                                Unemployment Rate                      3.6%                      3.7%

                                Private Payrolls                                 83K                         191K

                                Mnfg Payrolls                                     3K                           17K

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