The Canadian dollar fell today as economic data from Canada was unexpectedly bad. The losses were limited, though, perhaps because market participants paid more attention to news from the Unite States.
Economists predicted that Canada’s employment growth would slow from 41,700 in July to 10,300 in August, but the actual report was even worse, showing a drop by 11,000. Both full-time and part-time employment contributed to the decline. The unemployment rate stayed at 7 percent.
The loonie was rising versus the US dollar and the euro before the report but retreated afterwards. At the same time, the Canadian currency halted its drop versus the Japanese yen, but ended the session with losses nevertheless.
USD/CAD rose from 1.0873 to close at 1.0881 after falling to 1.0840 intraday. EUR/CAD retreated to 1.4092 following the rally from 1.4076 to 1.4147. CAD/JPY declined from 96.80 to 96.58 after touching the low of 96.11 intraday.
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