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CAD up on Job Growth, Trade Balance

Published January 6, 2017
  • USD/CAD fell to the mid-1.31's this morning as US unemployment and non-farm employment change offered worse than expected numbers
  • US unemployment rate increased by .1% to 4.7% while non-farm employment change showed 156,000 new jobs vs an expected 175,000
  • Canadian data performed far better than expected and is giving the Loonie strength this morning; Canadian employment change and trade balance both improved, the unemployment rate is steady
  • The Canadian economy added 53,700 jobs vs an expected decrease of 5,100 last month, the unemployment rate was at 6.9% as predicted, and trade balance improved to 0.5 billion vs an expected -1.6 billion
  • Canadian full time employment increased by 81,300 jobs, marking the largest increase month-on-month since March 2012, and part-time employment dropped by 27,600; the trade balance improvement marked the first trade surplus for Canada since September 2014
  • Oil continues to increase steadily following reports from Saudi Arabia and Abu Dhabi confirming full compliance with the deal
  • Market participants await Baker Hughes data later today to see how American producers are keeping up with higher prices; last week, the rig count increased by 2 to 525, showing a ninth straight weekly rise
  • Eurozone retail sales contracted more than expected month-on-month in November 2016; German retail sales and factory orders substantially decreased as well

Charts: (1) Canadian Balance of Trade Since 2012 (2) Canadian Employment Change Since January 2016 (3) US Non-Farm Pay Rolls Since January 2016