Loonie rises despite weak jobs data
Economies.com
2021-02-05 16:29PM UTC
The Canadian dollar rose on Friday, despite weaker than expected jobs data in Canada.
Canada's Ministry of Labour reported today that the economy lost 212K jobs during January, worse than forecasts of -43.5K, after losing 62.6K jobs in December.
The unemployment rate rose to 9.4% in January from 8.6% in December, which is also worse than forecasts of 8.9%.
While the US Department of Labor reported today the US economy has added 49,000 new jobs in January, lower than forecasts of 50,000.
Markets were lifted today after the US Senate passed President Joe Biden's $1.9 trillion stimulus plan.
As of 16:27 GMT, CAD/USD rose 0.4% to 0.7827, after hitting a high of 0.7831 and a low of 0.7791
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