Daily & Weekly Market News

Get access to our expert daily and weekly market analyses and discover how your currency has been tracking with our exchange rate tools

Canadian Job Numbers Exceed Estimate Tenfold

CAD - Canadian Dollar

Canadian jobs numbers showed that the employment change was 106,500 for April well above estimates of 11k and the unemployment rate drop from 5.8% to 5.47%. The Canadian dollar tested its lower support levels of 1.3422 overnight, and after the release of the employment, figures made further gains to the psychological 1.34 level where the currency pair started the week.
The Trump administration held to its mandate of raising duties from 10% to 25% on 200B of Chinese goods entering the United States. With trade talks continuing today there is a sliver of hope an agreement will be formed between the worlds two largest economies. Market analysts expected the US consumer price index figures to rise to 2.1% on both the headline and core inflation numbers, the headline CPI for April printed 2.0, while core CPI saw the median of 2.1% excluding food and energy. Oil prices moved higher even after OPEC report that its members remain fully compliant in the cartels' production goals with a small surplus of 30,000 barrels in April, the group has a total produces 30 million barrels of oil a day. WTI trades at 61.75 up 0.08% from its open.

Key Movers

Thursday's Ministerial negotiations between the U.S. and China ended without a breakthrough between the economic superpowers, and the tariffs Trump threatened to impose did go ahead at 12:01 today, mid-way through talks. With Friday's negotiations beginning, over $200 billion of Chinese goods will be taxed at a 25 percent rate, up from 10 percent. Beijing said it would strike back against the U.S., increasing tensions as trade talks continue. The market remains relatively stagnant despite the imposed tariffs as the market waits to see if the world's two largest economies can reach a compromise or whether there will be a breakdown in negotiations. The U.S. Dollar has been remarkably resilient as of late, due to a string of positive technical data over the past few months.

Expected Ranges

USD/CAD: 1.3378 - 1.3481 ▼

EUR/CAD: 1.5042 - 1.5141 ▼

GBP/CAD: 1.7427 - 1.7549 ▼

AUD/CAD: 0.9365 - 0.9431 ▼

CAD/NZD: 1.1236 - 1.1294 ▲

EUR/USD: 1.1217 - 1.1247 ▲