Canada’s Dollar Jumps

The Canadian dollar jumped today as positive employment data from the United State boosted risk appetite among Forex traders and overshadowed poor employment report from Canada itself. Reports ahead of US non-farm payrolls provided a mixed picture about the US employment market as ADP employment report showed less-than-expected growth, while unemployment claims dropped more than was forecast. The payrolls came out today, supporting positive view on employment. US employers added 243,000 jobs in January, compared to the average forecast of 150,000. What’s more, the unemployment rate fell to 8.3 percent, while it was expected to stay at 8.5 percent. Canada’s jobs market wasn’t near as good as US one. Employment registered almost no growth in January, showing an increase by just 2,300 jobs, ...

The Canadian dollar extended its gains today, reaching parity with the US dollar, after the reports showed that employment improved in Canada and the US last month, improving the outlook for the economic growth. The unemployment rate in Canada went down from 8.0 percent to 7.9 percent in October, while the employment remained almost unchanged. The US nonfarm payrolls increased by 151,000, compared to the median forecast of the 63,000 increase and the 41,000 decline in the previous month. The unemployment rate in the US remained unchanged. The loonie showed the strong rally against the greenback in the past two weeks. The analysts say that it may have hard time to rise further, though, as parity provides the strong psychological resistance level. USD/CAD dropped from the opening level of ...