The Canadian Dollar has declined for a second day against its US relation after the nation’s employment data showed that employers added fewer jobs than economists had predicted.
Speculation has increased over whether the Canadian Central Bank will delay raising interest rates as a result.
Yesterday the Canadian Dollar hit its strongest level in over two months against the US Dollar before it was forced onto the back foot following the decline in risk appetite and as the ‘Greenback’ surged against its major counterparts after US jobs data improved by a better-than-expected margin.
According to Statistics Canada employment rose by 12,500 with the unemployment rate holding steady at 7.2%. The figures disappointed the markets as economists had been forecasting 15,000 new jobs with the overall rate holding steady at 7.2%. April’s employment increase was helped by job gains in the manufacturing and public administration sectors, but tempered by losses in transportation and warehousing and business services.
“The market’s confidence in Canada is reasonably fragile,” Don Mikolich, executive director of foreign exchange sales at Canadian Imperial Bank of Commerce in Toronto, said before the report.
“U.S. data’s been good, but if we don’t see that followed up with good employment data, I think definitely Canada is selling off.”
Current Canadian Dollar (CAD) Exchange Rates
The Canadian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9909
The Canadian Dollar /Euro Exchange Rate is currently in the region of: 0.7603
The Canadian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6419
The Canadian Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9854
The Canadian Dollar /New Zealand Dollar Exchange Rate is currently in the region of: 1.1868
(Correct as of 14:25pm GMT)
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