Canadian dollar falls after weak jobs data
The Canadian dollar fell today, after the release of disappointing jobs data, in addition to optimism about the US-China trade talks growing dim.
The Canadian jobs data showed that 1.8K jobs were lost in October, worse than forecasts of creating 14.7K new jobs.
While Canada's the unemployment rate held unchanged at 5.5% in October, in line with forecasts and the previous reading.
The housing starts reached a total of 202,000 last month, lower than forecasts of 220,000.
On the other hand, US President "Donald Trump" said today that his administration has not yet agreed to abolish tariffs imposed on China, which denies the Beijing statement yesterday to approach the agreement on this matter.
Otherwise, President Trump stated today the US hasn't yet agreed a rollback on China tariffs, which contradicts with what Beijing announced yesterday about a near tariffs agreement.
Back to loonie, CAD/USD fell by 0.3% to 0.7566 as of 16:26 GMT, with an intraday high of 0.7599 and a low of 0.755.
Canada loses jobs in October
At 13:30 GMT, the Canadian economy released its reading for the employment change index, which showed that 1.8K jobs were lost in October, worse than forecasts of creating 14.7K new jobs, and worse than the previous reading of 53.7K jobs. This data is negative for the Canadian dollar.
Trump denies agreeing to remove China tariffs
The US President Donald Trump stated today the US hasn't yet agreed a rollback on China tariffs as the trade talks are still going.
Trump said China would like to eliminate the tariffs imposed during the trade war, but his administration will not do a complete roll back.
China's Ministry of Commerce stated yesterday they agreed with the US the removal of tariffs on each other's goods, and that the talks are witnessing further progress.
The Chinese ministry also added that the "phase 1" of the trade deal between the two sides would be signed within the next few weeks.
While Trump also told reporters before leaving the White House today that the trade deal will be signed in the US, after news that signing summit will be in Switzerland or Sweden.
Wall Street fell below all-time highs after the comments, but still heading to post weekly gains.