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CAD Canadian unemployment rate dropped to 6.1%

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Wednesday, 13 August 2008

It was announced last week that the Canadian unemployment rate dropped to 6.1% for July. This was completely unexpected as there was a predicted gain of 5000 jobs instead of the 55200 loss.
More bad news as for the CAD as slowing demand for Canadian goods, brought to light by contracting growth in the second quarter, is damaging expansion.
Commodity prices, particularly oil, continued to fall this week and this weighed heavily on the loonie as Canada is considered a key exporter of oil.

The outlook in both Canada and the UK are looking difficult, but with the possibility of a rate cut in Canada before the end of the year, we are likely to see the Cad weaken of against GBP in the short term.

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2008-11-19
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