Canada Employment Change severely disappoints expectations
Labor force participation at a 12-year low
USD/CAD rallies to a 3-day high
Canadian Employment Data for April
Net Change in Employment
Full-Time Employment Change
Part-Time Employment Change
The Canadian Dollar declined sixty pips against the US Dollar, as the net change in employment in April severely disappointed expectations and the labor market participation rate fell to a 12-year low. Statics Canada also reported on Friday morning that the unemployment rate remained at the 5-year low of 6.9%.
In April, the Bank of Canada sounded neutral on the next direction of a rate move, despite cutting its growth target for 2014 and conceding to below target inflation until 2016. The BoC reiterated in April that future policy depends on incoming data; therefore, disappointing employment data could push the central bank to adopt more accommodative monetary policy, which would be bearish for the Canadian Dollar.
USD/CAD 1-Minute: May 9, 2014
USD/CAD rose to a 3-day high at 1.0916 following the release, and Senior Technical Strategist says
channel support for USD/CAD crosses above 1.0785 on Friday.
USD/CADDaily by Jamie Saettele