Forex: USD/CAD – staying at 1.01 lows

on Jun 10, 2013
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The US dollar fell against the Canadian dollar on Friday, with the pair dropping to 1.0167, after disappointing US data on the back of an extremely strong Canadian employment update.

In May, the US economy created 175,000 new jobs in May, only just exceeding the forecasted 170,000 and April’s 165,000, but unemployment was up to 7.6 percent from 7.5 in April, missing expectations for zero change.
By contrast, the Canadian economy added 95,000 jobs in May, well in excess of the expected 15,000 and April’s 12,500 and the biggest monthly increase in more than a decade.

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Since Friday, the pair has tried to recover but is lacking security and support. In early Asian trade today, the quote hit a session high at 1.0224 before retracing to 1.0180 at the start of the European session.
In other Canadian fundamentals last week, Statistics Canada published new building permits data showing a rise in value by a seasonally adjusted 10.5 percent to CAD7 billion in April. March’s figure was revised down to a six percent gain from the preliminary estimate of 8.6 percent growth. And Canada’s trade deficit grew less than expected in April, to CAD0.6 billion. Imports rose to a record high of CAD40.8 billion, 1.2 percent higher than in March, while exports edged down 0.2 percent to CAD40.3 billion.
The Canadian Mortgage and Housing Corporation is due to release seasonally adjusted Housing Starts for May y/y at 13:15 BST today. The index is seen as a measure of the strength of the Canadian housing market.

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