The Canadian dollar rallied today against some other majors, including the euro and the Japanese yen, as traders expect a positive employment report tomorrow. The currency weakened a bit versus the US dollar.
Analysts predict that tomorrow’s employment data will show an increase by 21,200 in August after dropping 39,400 in July. The unemployment rate should stay at 7.2 percent. The euro and the yen weakened against the loonie on such outlook, though the policy decisions of the European and Japanese central banks also played part in the drop of the currencies.
Of course, US non-farm payrolls are also released tomorrow. They are expected to be good and it explains the strength of the greenback against the Canadian currency.
USD/CAD was up from 1.0493 to 1.0502 as of 23:02 GMT today. At the same time, EUR/CAD dropped from 1.3860 to 1.3778 and CAD/JPY rose from 94.98 to 95.31.
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