Forex: USD/CAD recovers slightly after NFP

  @ibtimes on December 04 2009 9:33 AM

FXstreet.com (Córdoba) - Greenback recovered part of previous losses against the Canadian Dollar after the employment report in the U.S. beat expectations. USD/CAD bottomed at 1.0430 but then jumped to 1.0515. Currently the pair is back below 1.0500 and trades at the same level it had before NFP. Earlier the Canadian employment report also came better-than-expected and pair collapsed. But once the U.S. jobs report was announced the Canadian Dollar lost momentum.

Statistics Canada has published the November unemployment rate at 8.5%, a decline from October 8.6% and against the market expectations of increase to 8.7%. The change in employment has been an increase of almost 80.000 jobs between October and November, well above 15.300 expected by market.

U.S. non-farm payrolls have declined by 11,000 in November; the best non-farm payrolls reading since December 2007. Unemployment rate has declined to 10.0% from 10.2% in October.

.

Join the Discussion