Analysts at TD Securities note that the Canadian economy added 54k jobs in July, beating expectations, though details were broadly disappointing.
“Wage growth decelerated, full-time employment fell and the public sector was responsible for most of the jobs created.”
“However, this report has limited implications for the Bank of Canada. Even if details were better, the BoC would not feel compelled to respond to one month of strong job growth and the softer wages gives further incentive to look through headline employment.”
“FX: The disappointment on wage growth was sufficient to offset the headline surprise for the loonie, leaving USDCAD little changed after an initial knee-jerk lower, however, global stress should keep AUDCAD under pressure.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.