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 Miss Estimates

CAD - Canadian Dollar

The loonie fell 0.4% against its U.S. counterpart after the Canadian dollar participants sold off the currency after a miss on the employment numbers. Estimates for June jobs were for just shy of 10k and jobs started were only 2,200, economists are brushing off the drop in the numbers the Canadian economy has been adding jobs at a record pace for the first five months of 2019. The Canadian unemployment rate fell to 5.5%, after posting a 40 year low in May of 5.4%. The U.S. employment figures were released at 8:30 am simultaneous with the Canadian numbers, posting a 224,000 job gain for June consensus was for 160K, this month's jobs number is well above last months dismail 75K jobs added for the U.S. in May. Market participants will now look at the numbers and may start to unwind the Federal Reserves interest rate cut at the end of the month as job growth in the U.S. is showing signs of resilience.

Key Movers


Not much to report on in other areas of the world. EUR/USD moved sideways between 1.1270 and 1.1295, and we saw Retail Sales for the Eurozone fall 0.3% for May, this was the second consecutive fall and highlighted the ongoing weakness in the eurozone economy. ECB Governing Council member and Finnish central bank governor Olli Rehn has said that "we should no longer see the recent slowdown in growth as a brief temporary dip in the economy, as a 'soft patch.'" Adding "We are experiencing a longer phase of weaker growth." He called on the action by the ECB saying, "If we want to live up to our mandate, further monetary stimulus is now needed until there is improvement in economic and inflation prospects."

Expected Ranges

USD/CAD: 1.3044 - 1.3128 ▲

EUR/CAD: 1.4694 - 1.4750 ▼

GBP/CAD: 1.6381 - 1.6444 ▼

AUD/CAD: 0.9152 - 0.9181 ▼

NZD/CAD: 0.8684 - 0.8738 ▼

EUR/USD: 1.1226 - 1.1287 ▼