Canada Gains 32.3K Jobs – USD/CAD Falls

Canada sees a healthy rise in jobs: 32.3K in March, above 20K expected. The unemployment rate remains at 5.8% as predicted with no change in the participation rate, at 65.%.

There is some good news in the composition of the positions: 35.9K part-time jobs were lost while no less than 68.3K were gained. Such big moves from full-time to part-time are not rare in Canada.

USD/CAD is trading around 1.2750 after the publication. It is important to remember that the US published its labor report at the same time and the result is disappointing over there.

Canadian jobs background

Canada was projected to report a gain of around 20K jobs in March, slightly better than 15.4K reported in February. Canada previously had a terrible loss of 88K positions in January after the nation enjoyed gains of around 79K in both November and December. The unemployment rate was forecast to remain unchanged at 5.8%.

USD/CAD traded around 1.2785 ahead of the publication with the Canadian dollar holding onto its Trudeau related gains.

It now seems that the US, Canada, and Mexico will sign a new NAFTA deal relatively shortly.

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