The Canadian Dollar rose significantly against the US Dollar as the both North American countries released set of reports on Friday. The USD/CAD currency pair tumbled 98 base points or 0.77% to the 1.273, but tried to recover gradually.
Statistics Canada stated that the economy added 35.3K positions in October, mainly due to higher full-time employment, while the jobless rate rose to 6.3% as more people were seeking a job. The results will be closely watched by the Bank of Canada to decide whether to raise key interest rates again. Meanwhile, there was some strengthening in the wage growth, which could contribute to the Bank’s decision to proceed with monetary tightening.
