Canadian Dollar jumps after North American jobs double surprise
USD/CAD declines sharply on Friday, trading around 1.3940 at the time of writing, down 0.53% on the day, hitting its lowest level since June.
The Canadian Dollar (CAD) surged after North American employment figures showed a surprising double increase. The US Nonfarm Payrolls (NFP) report fell by 23K in July, well below expectations of an 80K rise. Revisions also cut June and May payrolls by a combined 103K jobs. However, the Canadian Unemployment Rate fell to 6.4% in July, lower than market forecasts.
Employment surged by 75.1K jobs, surpassing expectations of 15K, while the Labor Force Participation Rate rose to 65.1%. These positive Canadian data points added pressure to the USD/CAD pair, which traded around 1.3940, down 0.53% from earlier in the day. The Canadian Dollar's strength, combined with a weaker-than-expected US labor market, contributed to the decline in the USD/CAD exchange rate.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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