Canadian Dollar Firm Despite Falling Employment

The Canadian dollar gained even though nation’s employment dropped last month. Other economic reports were good, though.

Automatic Data Processing reported that Canadian employment shrank by 5,730 in October from the previous month. ADP usually releases employment data for the United States, and it was the first such report for Canada, therefore it is hard to assess how data from the agency will be impacting markets going forward. US data is released before the government report, therefore it has a noticeable significance to investors, but the Canadian report was released a couple of weeks after the official data.

As for other reports, foreign investment in Canadian securities totaled C$16.8 billion in September, up from C$9.8 billion in August, beating market expectations of C$10.7 billion. Manufacturing sales were up 0.5% in September instead of falling by 0.4% as analysts had predicted.

USD/CAD traded at 1.2750 as of 20:14 GMT today, not far from the opening level of 1.2761. EUR/CAD dropped from 1.5046 to 1.4999. CAD/CHF rallied from 0.7740 to 0.7794.

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