According to the latest report released by Statistics Canada, the unemployment growth in Canada accelerated and reached 7.3% in February 2016 as opposed to 7.2% seen a month before, Market Leader reports. At the same time, experts had expected the unemployment rate to stay unchanged over the reporting period, which means their predictions eventually failed.
Still, the recently released report shows us that the Canadian labor force participation rate remained unchanged at 65.9% over the same reporting period. It should be noted that the Bank of Canada monitors closely the index.
Back to the unemployment figures, the amount of employed Canadians shrank by 2300 jobs. The figures contradicted the expectations of +9000 new jobs over the reporting period after a sharp decline by 5400 jobs in January.
On top of that, Canada is seeing a sharp decrease in the amount of fully employed people. Basically, that’s the major reason why we saw such employment figures in January and February. The amount of full-time jobs declined by 51800 jobs while the amount of part-time jobs increased by 49500 jobs over the same reporting period. The biggest losers were healthcare, social security, education, natural resources, and service sector.
FOREX
Today, the Canadian Dollar keeps on strengthening against its American counterpart, which means that USDCAD is going down, Masterforex-V Academy reports. The currency pair has broken below a major level of support and is gong further down, thereby making the Canadian Dollar even stronger. For now, the price is somewhere around 1,3285.
The closest major levels of support are 1,3062 and 1,2852. The closest major levels of resistance are 1,3995 and 1,4689.
