The Canadian dollar gained today as the employment report came out better than was expected. The currency remained soft against the US dollar as employment data from the United States was good too.
Canadian employment contracted by 400 jobs in June from May when it has jumped by 95,000. It was not a very good figure, but it was certainly better than the expected drop by 4,200. The unemployment rate stayed at 7.1 percent.
The data was not particularly great, strictly speaking, but it exceeded pessimistic expectations, allowing the loonie to rally. The employment report from the USA was much better, allowing the greenback to beat the Canadian currency.
EUR/CAD traded at 1.3578 as of 16:54 GMT today after dropping from 1.3576 to 1.3518. CAD/JPY rose from 95.10 to 95.40. Meanwhile, USD/CAD surged from 1.0511 to 1.0582 and its daily maximum of 1.0607 was highest since October 2011.
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