Canadian Dollar Stalls as US NFP Outperforms and Canadian Jobs Growth Slows

• The Canadian⁣ Dollar is etching in a broad range on NFP Friday.
• Canada jobs additions crumble, US jobs easily beat the street.
• Despite weak labor figures, Canadian ⁣wage pressures⁢ persist.

The Canadian Dollar (CAD) experienced ⁢a roller coaster, hitting a low before‍ surging to a three-day high ‍against the‌ US Dollar (USD) due to ​the unexpected results ‌of the US Nonfarm Payrolls (NFP) report.

Canada’s labor market added fewer jobs than expected, but there is still persistent wage ‍growth that accelerated ⁣to a two-year high.

Daily digest market movers: Canadian Dollar churns, investors grapple with NFP print

• US Nonfarm Payrolls added 216K net new⁣ jobs⁢ in December, surpassing the forecast of 160K.
• Data revisions affected the overall figures, with⁢ November and October job numbers⁣ being revised lower.
• Average Hourly Earnings in ​the US and the US Unemployment ​Rate remained steady, despite the strong ⁤job growth.
• Despite the upbeat US data, ⁢the​ US ISM Services Purchasing Managers’ Index (PMI) in December missed expectations.
• In Canada, the Unemployment Rate held⁢ flat at 5.8%, defying expectations.
• Canadian Average Hourly Wages growth surged to ‍a two-year high, despite the lackluster job additions.
• Canadian Net Change in⁣ Employment fell well below forecasts, with only⁢ 0.1K new ⁣jobs added​ in December.
• Canadian December Ivey PMIs remain upbeat, but the non-seasonally adjusted PMI dipped to a 12-month low.

Canadian Dollar price this ⁣week

The table ⁢below shows the percentage change of ‍the Canadian Dollar (CAD) against major currencies⁢ this week. ⁣The‍ Canadian Dollar⁣ saw weakness against the US ​Dollar.

The ⁤heat map⁢ shows percentage changes of major ⁢currencies against each other. The base currency is picked from the left ⁣column, while the quote currency is picked from the top ​row.

…
Read More rnrn