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A Strong Headline Labor Force Survey Fails To Boost The Canadian Dollar

Canada has produced several strong economic reports over the past several months. For example, even with an 8.8% month-over-month drop in employment in the natural resources sector, January produced a net gain of 35,000 jobs over December, a gain of 0.2%. Year-over-year, natural resources employment fell 0.9% while overall employment gained 0.7% year-over-year. Unemployment fell from 6.7% to 6.6%.

Canada has not yet followed through on last year's sharp drop in unemployment but momentum is in its favor

Source: Statistics Canada

The Canadian dollar (FXC) was not able to register gains against the U.S. dollar on the heels of this report.

The 1.24 level has become a potential pivot point for the U.S. dollar versus the Canadian dollar

Source: FreeStockCharts.com

I last wrote that I would not even think of getting constructive again on the Canadian dollar until USD/CAD fell through the 1.24 level. This point marks the high of… Read More …