Today’s employment figures were good news for the Canadian Dollar, helping it claw back some of the recent lost ground against all its major counterparts. Employment numbers actually missed forecast but the Unemployment rate showed a fall to 6.5%.
This stopped the advances of the Pound and Euro and caused the USD/CAD exchange rates to fall back below 1.367 mid market.
Election results help the Pound
Today’s local election results in the UK were good news for the Pound, pushing GBP/Cad rates up before Canada’s employment numbers stopped the run on the Loonie short.
The results show a huge swing in favour of the conservatives, which leads the way for a clear win in the up and coming general election. The reason this is viewed a positive, is the up and coming Brexit negotiations do not need any further destabilizing and Teresa May is deemed to be the best person to deal with it.
French election may strengthen the Euro
The latest polls show a growing 60-40 split in favour of Emanuel Macron to win the French elections. With the far right, Le Pen losing ground, the results to the French election seem to be a foregone conclusion.
This strengthened the Euro, as a Le Pen victory could mean an end to the Euro and she would seek to pull France out of the single currency. Teresa May is deemed to be the best person to deal with it.
Oil price crash
Once again the price of black gold is not helping the Canadian Dollar. The fall in oil prices is not over it seems, as the recent movements put it at the lowest levels since august last year.
This has not had an immediate effect but is likely to cause long term damage to the Canadian Dollars performance.
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