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The Canadian Dollar is under pressure after Canada lost jobs in August.
This was far worse than July's -40.8K outturn and massively undershot the consensus estimate for growth of 5K.
Short-term Canadian bond yields fell in response, indicating heightened odds of further interest rate cuts at the Bank of Canada.
Swap markets now see a 90% Chance of a September rate cut, up from 75% before the jobs data.
The Pound to Canadian Dollar exchange rate leaps to 1.8699, making for a 0.75% day-on-day advance. It meanwhile climbs to its highest level against the Euro since 2009 at 1.6227.
It is down a more pedestrian 0.13% against the U.S. Dollar, with USD/CAD quoting at 1.3837, reflecting the USD's weakness following a below-consensus U.S. jobs report, released at the same time as that of Canada's.
Above: GBP/CAD at 15-minute intervals (top) and EUR/CAD, which trades at its highest level since 2009.
"The trade war is taking its toll on Canadian labour markets. The worsening trend in the summer also mirrors condition south of the border – job growth in the U.S. largely ground to a halt since May and the unemployment rate has also edged higher," says Claire Fan, Senior Economist at Royal Bank of Canada.
Statistics Canada meanwhile, reported the job losses helped the unemployment rate rise 0.2 percentage points to 7.1%, and that growth in average hourly earnings dropped back to 3.2% in August, resuming the downward trend.
Retreating wages will give the Bank of Canada confidence it can cut interest rates again, which will weigh on short-dated bonds and drag the CAD lower.
"The negative job market report today increases the odds that the BoC could see fit to cut interest rates further," says Fan.