Daily Currency Update

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The Loonie gets a boost following stronger than expected employment figures.

CAD - Canadian Dollar

The USD/CAD falls around 0.15 percent, trading at 1.3029, after robust Canadian employment data and disappointing U.S. jobs data. The Canadian economy saw an increase of 35.2K jobs in December, while the consensus was only 25K. However, wage growth came in at 3.8 percent versus the 4.2 percent expected.

Further good news came from the unemployment rate, which decreased to 5.6 percent versus the 5.8 percent anticipated. This data shows a robust year of job growth at 320K.
By contrast, last night, BoC Governor Stephen Poloz said that it, “...remains to be seen... how Canadian business will respond to preliminary U.S.-China trade pact. Understandably, companies are reluctant to make big investments in this setting." BoC Stephen Poloz said it's too early to tell if recent improvements on the global trade front will lead to stronger trade and investment.

Key Movers

Regarding the Eurozone, German industrial production rebounded in November after two months of decline. Still, a rebound for the German industry probably has not happened in other countries of the Euro Zone yet, and inflation figures are to be seen next week. Furthermore, for next week, the headlines in the U.K. will be in the spotlight, because numbers on output and inflation will be released.

Expected Ranges

USD/CAD: 1.3017 - 1.3069 ▼

EUR/CAD: 1.4451 - 1.4500 ▼

GBP/CAD: 1.7022 - 1.7130 ▼

AUD/CAD: 0.8966 - 0.9005 ▲

NZD/CAD: 0.8605 - 0.8661 ▲