Canadian Dollar Extends Rally on Employment Outlook

The Canadian dollar extended its rally today as the forecasters promised that the tomorrow’s reports about the employment in Canada and the United States will show positive developments of the labor markets.

The Canadian employment is expected to show a growth by 18,100 jobs in November, following the drop by 54,000 in October. Analysts estimated before the release of the non-farm payrolls tomorrow that the US employment increased by 120,000 in November after rising 80,000 in October. The unemployment rate in both countries is expected to remain at the previous level.

USD/CAD fell from 1.0179 to 1.0149, following the advance to 1.0221, while CAD/JPY climbed from 76.18 to 76.49 today as of 15:18 GMT. CAD/JPY rose for the fifth straight session and reached the highest level since November 9 yesterday.

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