Navigate Up
Sign In

Canadian and US employment numbers miss expectations

Posted on: October 06, 2017

We finally made it to the marquee event of the week: Non-Farm Payrolls in both the US and Canada. Starting in the US, while expectations were modest given the impact of hurricane season, the headline number showed a loss of 33k jobs compared to expectations of +80k. While on the surface that sounds bad, positive revisions to the previous month’s numbers, a decline in two ticks of the unemployment rate from 4.4% to 4.2% while the participation rate increased and strong hourly earnings numbers all softened the blow. Here at home, the story was similar. On the surface Canadian employment numbers missed expectations slightly, coming in at +10k compared to expectations of +12k. However, strong gains in full-time employment (+112k) and losses in part-time employment (-102k) is certainly a positive sign. Neither report should do anything to dissuade the Bank of Canada or the Fed from hiking rates in December.

For those watching USDCAD, the pop higher caused by poor trade numbers in Canada yesterday has been deflated a bit as the pair chops around after NFP numbers. Support remains around 1.2460 and again down at 1.2420/30 while the next key level on the topside sits around 1.2660/70. With no major Canadian data next week expect the usual suspects to drag the currency around.

  • Yesterday’s NA Range 1.2473 – 1.2585
  • Asia Overnight Range 1.2562– 1.2594
  • London Overnight Range 1.2541– 1.2597


Most Recent Market Updates

November 20, 2017

Natural gas gains 4.4 cents

NYMEX natural gas climbed 4.4 cents higher on Friday.

November 20, 2017

Crude gained $1.41

Crude prompt futures gained $1.41 on Friday to close the day at $56.55.

November 17, 2017

Natural gas falls 2.7 cents

NYMEX natural gas continued it’s decent on Thursday.

November 17, 2017

Crude prices slide $0.19

Crude prompt futures traded in a 69 cent range.

November 17, 2017

USDCAD range bound as Canadian CPI uneventful

Domestically we saw the biggest release of the week a few minutes ago.

November 14, 2017

Natural gas loses 5 cents

Cold weather emerged over the long weekend in the US Midwest to East as anticipated.


Talk to a specialist

GlassdooreSSENTIAL Accessibility™Diversity and Inclusion

About ATB | Contact Us | Find a Branch or ABM | Current Rates | Privacy and Security | Legal | Code of Conduct | Site Map | Supplier Resources

2018 ATB Financial. All rights reserved. ©ATB Financial is a trade name/registered trademark.

ATB Financial