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Canada job gains lift CAD as USD/CAD dips under 1.4000

Statistics Canada said the unemployment rate fell to 6.4% in July, while employment rose by 75.1K jobs.

Reported · Written up by our desk · Major Pairs

Statistics Canada reported that the unemployment rate fell to 6.4% in July, below market expectations, according to FXStreet. The same release showed a 75.1K increase in employment after a 18.2K gain the prior month, and a slight rise in the participation rate to 65.1%.

FXStreet also noted that wages were growing at a 3.0% annual pace, down from June’s 3.7% growth rate. Following the data, FXStreet said the Canadian dollar regained buying pressure.

As a result of the release, FXStreet reported that USD/CAD broke below the psychological 1.4000 level for the first time since mid-June. FXStreet added that the Canadian dollar was the strongest against the US dollar among the listed major currencies in its table.

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