The Canadian unemployment rate has managed to decrease with 0.1% to 5.7%, despite the initial forecasts for it to remain at the previous level of 5.8%.
The Canadian labour market has added 106.5 thousand new jobs for the month of April, which exceeds the market expectations significantly for just 11.7 thousand new job positions. Moreover, the positive change is attributed mostly to the positive recent developments in the oil market.
At the same time, the US inflation report missed on the target once again, despite Trump’s quick response stamping the Core CPI data as “Really good, very low inflation!”. The monthly adjusted consumer price index fell to 0.3% in April from 0.4% for the month of March, which reaffirms the recent trend of stagnating consumer spending in the US economy.
As a result of the two reports, the USDCAD pair fell with 0.51% in the first 15 minutes after the releases of the two separate data sets. While the Canadian dollar found strong support from the overwhelmingly positive labour data, the greenback is being pressured by the disappointing CPI data, and as a result of that, the FED would have more headaches ahead of the next FOMC meeting. The central bank needs to find a way to stimulate consumer spending, which can get the inflation numbers back on track with the target level of 2%.
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