CAD makes gains amid strong jobs data release
Daily Currency Update
The Canadian dollar was up against the greenback this morning as equities rallied and the Canadian jobs picture solidified. A release from Statistics Canada today showed the economy adding 90,400 jobs last month, better that the 20,000 markets expected. This increase was driven by part time positions which saw just over 50,000 added, but this was still enough to keep the unemployment levels at 6.1% against an expected drop.Key Movers
The US Dollar Index (DXY) held onto yesterday’s levels so far today with the USD trading up against the euro but down against other major currencies. The DXY traded in the 105.30 range this morning as the focus came off the USD to eye data releases in the UK that showed the British economy crawled back into positive territory. Oil and equities were also on the way up so far today.The GBP made gains over night as data showed the Gross Domestic Product (GDP) growth in the UK was on the way up after two quarters of negative trends. Growth in March was up 0.7% year-over-year. This helped the expectations for quarter one growth to rise to 0.2%, up from the -0.2% that was previously predicted.
Reports over night that Chinese oil imports may turn to the positive as well as a possibility of energy shortages in India this summer, have turned the price of oil back around. The West Texas Intermediate (WTI) crude oil price, which had seen levels as low as $78 a barrel this week, headed towards the $80 level once again.
Expected Ranges
- EUR/CAD: 1.4702 - 1.4795 ▼
- GBP/CAD: 1.7091 - 1.7175 ▼
- AUD/CAD: 0.9021 - 0.9105 ▼
- USD/CAD: 1.364 - 1.3791 ▼