Canadian Employment Trails Forecasts, CAD Loses to USD

Canadian employment growth was below forecasts, making the Canadian dollar close lower against its US peer. At the same time, the currency closed flat against the euro and higher versus the Japanese yen. Canadian employers added 12,500 jobs in April from March, when employment shrank as much as 54,500.
The consensus forecast was at 14,800. The unemployment rate stayed at 7.2 percent as it was expected. The Canadian currency, which was already depressed by the drop of commodities, fell after the report. The loonie managed to gain against the yen, which was lower against all major currencies. USD/CAD went up from 1.0070 to the intraday high of 1.0151 and closed at 1.0105. EUR/CAD closed flat at 1.3125. Meanwhile, CAD/JPY advanced from 100.09 to 100.52 and its intraday maximum was of 100.95 was highest since September 2008. If you have any questions, comments or opinions regarding the Canadian Dollar, feel free to post them using the commentary form below.