November 8, 2021

Canadian Jobs Data Fails to Raise Loonie Dollar

 The Canadian dollar looked for opportunities to rise as the US dollar recorded a slight decline at the opening of the European session and world crude oil prices strengthened.

An employment report published last Friday showed a mixed reading makes the greenback dollar have an advantage over the loonie dollar.

The Canadian economy reportedly added 31,200 jobs in October, lower than expected to increase by 42,000 and down from a previous reading of 157,100 jobs.

The unemployment rate unexpectedly dropped to 6.7% in October from 6.9% in the previous month. This is also better than expected to decline at 6.8%.

In contrast to the United States which both showed stronger-than-expected readings thus providing an opportunity for the USD to trade higher.

Even so, Canadian employment data is still seen as strong which bodes well for the country’s economy and marks a positive start to the fourth quarter.

At the beginning of the European session, the loonie dollar rose slightly with trading hovering at 1.2450 against the US dollar.