Canada added 418,500 jobs in July

The pair will break down from its current support line, sending the pair lower towards a major support line. Canada added 418,500 jobs in July, which represents 55% of lost jobs during the pandemic. This result is expected to help the Canadian dollar to continue its stellar performance against the US dollar in the coming sessions. On the other hand, the United States recorded 1,763K additional jobs for the month of July. Over the past three (3) months, the NFP report employed 9,072K people compared to the total job losses of 20,570K from March to April. The lower count in jobs addition is causing pessimism among investors, thus, a selloff in the USDCAD pair is expected in the coming days. Meanwhile, former Bank of Canada Governor Mark Carney jumps up to advise Prime Minister Justin Trudeau for COVID-19. His expertise in the banking sector is expected to help the government’s response for the pandemic.