The Loonie strengthened significantly against the Greenback on strong job data, rather than on cooling GDP growth showed in the report on Friday. The USD/CAD currency pair dropped 113 base points or 0.88% to touch 1.2771 level and depreciate futher nearing the 1.2700 area.
Statistics Canada said the country’s the GDP rate was at an annualised 1.7% in the Q3, following a downwardly revised 4.3% in the preceding quarter. Canadian unemployment rate fell to 5.9% for the first time since 2008, while the economy added 79.5K jobs, which was twice as many positions compared with October. Average hourly wages kept rising at yearly 2.7% in the strongest performance since early 2016, being the one of the factors for the BoC to decide on further policy changes.
