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COZfx: Canada added 41700 jobs in July

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COZfx: Canada added 41700 jobs in July

Postby dwang » Mon Aug 18, 2014 2:22 am

COZforex: The Canadian dollar rallied to more than 2 week highs against the US dollar on Friday before later retracing most of those gains, after a revised jobs report showed that the Canadian economy added more jobs than expected in July.

USD/CAD dropped to lows of 1.0860 before pulling back to 1.0896 late Friday. For the week, the pair lost 0.67%. COZforex senior currency strategist Ian • Quigley said, USD/CAD is likely to find support at around the 1.0850 level and resistance at 1.0940.

Statistics Canada reported that the economy added 41,700 jobs in July, well above the original estimate of just 200 jobs and ahead of expectations for jobs growth of 20,000. The unemployment report ticked down to 7% from 7.1% in June. The statistics agency released a revised version of the employment report after detecting an error in the original jobs report released on August 8.

In the US, data on Friday showed that industrial output rise at a faster than expected rate in in July. Official data showed that industrial output was up 0.4% in July, compared with forecasts of a 0.3% increase. Output growth for June was revised up to 0.4%.

A separate report showed that US producer prices slowed to 0.1% in July from 0.4% the previous month.

In the week ahead, investors will be looking ahead to Wednesday’s minutes of the Federal Reserve’s latest meeting, while Canada is to release data on retail sales and inflation on Friday.

(COZ forex UK)
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