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| CNBC - Hollis Kookmin Financial Reviews Canadian dollar as it loses ground as oil prices fall |
CNBC - The Canadian dollar dropped against its American counterpart on Monday reported Hollis Kookmin Financial, after the release of soft Canadian jobs data and as falling oil prices continued to weigh on to the commodity-related Loonie.
USD/CAD grinded higher to 1.2918 during early U.S. trade, the highest in two months; the pair subsequently consolidated at 1.2990, up 0.55 per cent.
Statistics Canada reported that the number of new jobs was only 14,300 in December, below forecasts for a 55,000 increase. The number of employed people declined by 4,100 in January, whose figure was revised from a previously estimated 15,100 drop.
The report also showed that Canada’s jobless rate rose to 6.4 per cent in January from 6.3 per cent in the prior month. Economists had expected a flat change in January.
The Loonie was also pressured by falling oil prices last week, which came on heels of an unexpected rise in U.S. crude inventories and despite a drop in gasoline stockpiles.
Meanwhile, the US dollar was supported after Donald Trump said during the weekend that he would reveal the most ambitious tax reform plan in the next few months.
