USD/CAD slides toward 1.3700 as Loonie soars on upbeat Canadian jobs report

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  • The US economy adds 336K jobs in September, surpassing expectations of 170K.
  • Canadian employment rose by 64K, also surpassing expectations.
  • USD/CAD remains near the 1.3720 area as the Loonie outperforms.

The USD/CAD rose to 1.3745 after the release of US and Canadian labor market data and then reversed, pulling back toward the 1.3700 area. The positive impact of the US figures was offset by the Canadian report.

Upbeat jobs reports

The Unemployment Rate in Canada held steady at 5.5% in September, better than the market consensus of a modest increase to 5.6%. Employment rose by 63,800, above the 20,000 expected. 

In the US, Nonfarm payrolls jumped by 336K, largely above the 170K of market consensus. August numbers were revised higher from 187K to 227K. The Unemployment rate remained steady at 3.8%. 

The numbers boosted both the US Dollar and the Canadian Dollar, resulting in the USD/CAD remaining in a familiar range around 1.3720. The Loonie is outperforming while the US Dollar Index is up by 0.45%, approaching the 107.00 level.

 



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