The Canadian dollar gained today after the report last week showed the better than expected growth of the nation’s employment, increasing the appeal of the currency as the safe haven.
The employment rose by 24,700 in May from the previous month, the fifth consecutive monthly increase, following the impressive growth by 108,700 in April. Canadaâs economy grew by 6.1 percent in the first quarter. The favorable data overshadowed the decline of the stocks and crude oil.
The economists say that the Canadian currency has significant fundamental support, which currently overshadowed by the foreign events. When everything will settle the domestic influence should help the loonie to rise up.
USD/CAD fell to 1.0530 as of 16:27 GMT today from its opening price of 1.0604. EUR/CAD traded at 1.2588. CAD/JPY traded near 87.27 after it opened at 86.55.
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