Canadian Economy

The Canadian Dollar fell widely ahead of the weekend after Statistics Canada disclosed the first outright fall in local employment levels since the last 'lockdown' and what might be a sign of the Loonie's labour market faltering following aggressive increases in the Bank of Canada (BoC) cash rate over the last year. 

The Pound to Canadian Dollar exchange rate slipped further from the week's highs ahead of a long Easter weekend after a robust employment report helped the Loonie to better resist a rebounding U.S. Dollar and to notch up gains over other currencies along the way.

The Pound to Canadian Dollar exchange rate neared February highs after January inflation rates surprised on the downside of market expectations, easing pressure on the Bank of Canada (BoC) while fueling a broad rally in Sterling that could be reviving the GBP/CAD recovery trend. 

The Canadian Dollar clobbered and clubbed all counterparts ahead of the weekend after Statistics Canada announced a significant increase in the labour force for January that was on par with the non-farm payrolls number seen across the border just last week, leading to a slump in GBP/CAD. 

CAD was higher after the Canadian economy snapped a string of negative employment reports in September after it added 21.1K jobs over the month.

The data nevertheless confirms Canada's jobs market is incredibly tight and will offer further incentive for the Bank of Canada to continue raising interest rates.

The Bank of Canada will have scope to raise interest rates by another 50 basis points to 1.0% at their next policy meeting following the release of stronger than expected growth data, which should underpin the Canadian Dollar going forward.

GBP/CAD testing late 2021’s lows, as CAD rallies with labour market.

The Canadian Dollar softened in the final session of the week after Statistics Canada figures showed the labour market handing back two months of hard won gains in January.

CAD sweeps higher as jobs renaissance continues and job gains leave economy close to full employment.

GBP/CAD & USD/CAD at three-month lows after September job reports surprise in U.S. & CA.

The Canadian Dollar fell against the majority of its peers after employment figures disappointed against investor expectations.

Two sets of disappointing jobs data out of North America ahead of the weekend have conspired to push the two U.S. Dollar and Canadian Dollar lower, allowing for the Pound to catch a break and recover some lost value against its Canadian counterpart.

The Canadian Dollar fell against the Pound, Euro and other currencies following the release of disappointing economic data that showed the country shed 212.8K jobs in January.

The Canadian Dollar on the backfoot as another domestic data disappointment points to further potential weakness in the currency.