USD/CAD Plung Lower After Canadian Jobs Data? - Kakiforex | Forex markets for the smart money. USD/CAD Plung Lower After Canadian Jobs Data? USD/CAD Plung Lower After Canadian Jobs Data?

April 10, 2021

USD/CAD Plung Lower After Canadian Jobs Data?

 Also on Friday, the Canadian Department of Statistics also released an employment report. The same situation occurred in Canada where Canada recorded an increase in jobs in March of 303,100 jobs with the unemployment rate recording the lowest since the pandemic.

The unemployment rate fell to 7.5%, the lowest level since the outbreak of the Covid-19 outbreak according to a report released by the Canadian department of statistics.

This positive figure reading is partly driven by the easing of sanctions and the opening of more business sectors. This indirectly encourages more job opportunities to be created.

This figure reading is contrary to the expectations of experts who expect an increase in employment of 100,000 and an unemployment rate of 8% due to the effects of the Covid-19 pandemic.

However, compared to before this increase decreased by 1.5%. Analysts ’monthly earnings of the employment sector will return under pressure in April with some provinces beginning to step up restrictions.

The Canadian dollar strengthened to a reading of 1.2555 per U.S. dollar. On the other hand, Canada’s largest trading partner, the United States also recorded an increase in the number of jobs in M. The U.S. Department of Labor reported NFP readings increased by 916,000 for March while the unemployment rate fell to 6%.