Home Daily Commentaries Canadian Down as Jobs Miss

Canadian Down as Jobs Miss

Daily Currency Update

The Canadian Dollar is down slightly for the first time this week versus the US Dollar as jobs numbers in Canada surprised to the downside this morning. The release from Stats Canada showed that the economy lost 1100 jobs in June, opposed the predicted addition of 20,000 positions.

Key Movers

The US Dollar Index (DXY) saw a temporary bump before falling off again this morning, as data this morning showed the US economy adding more jobs than expected in June. The Non-Farm payrolls this morning showed a slight beat of 206,000 jobs being added against a consensus of 190,000. Unemployment did go up, though, to 4.1% from the 4.0% expected as more people were in the market looking for work. The Greenback is mixed, losing some ground to the GBP and Euro in the wake of yesterday's UK elections while being up against currencies like the CAD, which is moving with oil, which seems to be plateauing in price.

The Euro is up against the USD this morning as the market ignores worse-than-expected economic data from the euro zone and remains optimistic that the Fed may cut rates in September. Industrial production in Germany was down -2.5% from the previous month, worse than the +0.2% that had been predicted. Also missing expectations was the trade balance data from France, showing a -8.0B Euro gap last month, more than the expected—7.2B Euro.

The GBP gained this morning following a historic landslide victory for the UK Labour Party, which won 410 out of 650 seats in the UK Parliament.

Oil remains stable today, with the WTI Benchmark sitting in the $84 per barrel area, similar to yesterday’s range.

Expected Ranges

  • EUR/CAD: 1.4698 - 1.4775 ▲
  • GBP/CAD: 1.7357 - 1.7462 ▲
  • AUD/CAD: 0.9154 - 0.9209 ▲
  • USD/CAD: 1.3604 - 1.3688 ▲