Loonie Sinks on Weak Jobs Report, Housing

CANADIAN DOLLAR, CANADA JOBS REPORT, BOC – TALKING POINTS:

The Canadian Dollar (CAD) is coming under heightened selling pressure following the latest change in employment and housing data. Canada’s net change in employment for October came in at a disappointing -1.8K compared to estimates looking for a 10.0K print. Looking under the hood, details of the Canada jobs report were even bleaker, which revealed a -16.1K decrease in full time employment.

CANADIAN JOBS REPORT & HOUSING STARTS DATA (OCTOBER 2019)

Canadian Jobs Report October 2019 Chart

Although, the Canadian unemployment rate held steady at 5.5% as expected. Prior to the release of the latest Canadian employment figures, data on housing starts crossed the wires at a worse-than-expected 202.0K compared to the market consensus of 222.5K.

CANADIAN DOLLAR CURRENCY INDEX PRICE CHART: 2-HOUR TIME FRAME (SEPTEMBER 30, 2019 TO NOVEMBER 08, 2019)

Canadian Dollar Price Chart

The Canadian Dollar Currency Index is currently trading -0.37% lower on the day following the data. USD/CAD extended gains to intraday highs while CAD/JPY wilted to an intraday low. AUD/CAD reversed earlier downside while EUR/CAD is moving higher.

Check out this Canadian Dollar Forecast for comprehensive fundamental and technical outlook on the Loonie with additional insight on how CAD price action stands to be impacted by the Canadian jobs report and changes in BOC rate cut expectations.

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