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Canadian dollar soars as more jobs added to the economy

September 2013, 18
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Great news for the Canadian economy, as per news published by Bloomberg Business Week, it was unveiled that Canadian economy added more jobs than previous year, and this has helped Canadian dollar to strengthen to its highest level for more than two weeks.
Canadian economy
In August, Statistics Canada revealed that more than 59,200 new jobs were added to the nation’s economy. As a result, the currency has soared against majority of its most-traded peer currencies. The unemployment rate also dropped down from a whopping 7.2 percent to 7.1 percent, although marginal, but a positive sign.
According to another Bloomberg survey, 169,000 jobs were added in the month of August. On a telephone conversation, senior currency strategist at Rabo Bank International, Jane Foley from London said, “For a while it’s been quite clear the Canadian labour market has recovered to its earlier position before it slipped into recession and this data just suggests that while the Canadian economy has had its issues this year, it still is in better shape than the U.S. economy”. 
The rapid job growth in Canada is drawing some of the influential economist’s attention. In August, there was a rapid rise in both part-time and full-time jobs with the numbers of 17,800 and 17,400. Goods producing companies hired 18,600 employees, whereas service industry hiring increased by 40,600.
The latest report by the Bloomberg correlation weighted indexes says, the Canadian dollar rose 0.7% in the last week against nine developed nations’ currencies. Meanwhile, New Zealand is the biggest gainer with a 3.2 percent rise where the U.S. dollar is drop down 0.7 percent.

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