Canadian Dollar Slumps on Job Losses Amid Strong US Employment

The Canadian dollar came under pressure on Friday after Canada's employment report showed a loss of 41.7K jobs in August, while the US economy added 162K new jobs, exceeding expectations.

According to data released by the Bureau of Labor Statistics, the US Nonfarm Payrolls (NFP) increased by 162K in August, significantly beating market predictions for a 56K gain and following a revised 21K increase in July.

The Canadian economy, on the other hand, shed jobs in August after creating 75.1K jobs in July, while markets had anticipated another 15K increase. The Unemployment Rate remained unchanged at 6.4%, as expected.