Canada gains a whopping 45.3K jobs – USD/CAD crashes to 1.29

Yet another excellent jobs report from Canada: 45.3K jobs gained. The unemployment rate drops to 6.5%, also a beat of expectations.

USD/CAD is falling to a new low of 1.2902, also moving on the weak US jobs report[1]. The current levels are new cycle lows. Support awaits at 1.2830 and 1.12750.

Here is the big reaction on Dollar/CAD: a double whammy after the simultaneous releases:

Canada was expected to report a gain of around 10K jobs in June, after a whopping leap of 54.5K back in May. The unemployment rate was expected to remain unchanged at 6.6%. Canada’s participation rate stood at 65.8% last time.

USD/CAD was trading closer to 1.30, refusing to move away from the round number. The reason for the most recent slide in the value of the C$ stemmed from a fresh slide in oil prices.

The United States released its own jobs report at the same time.

Get the 5 most predictable currency pairs[2]

from Forex Crunch

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