EUR/CAD snaps four-day losing streak ahead of Canadian employment data

The EUR/CAD pair snaps its four-day losing streak and trades 0.13% higher to near 1.6240 during the European trading session on Friday. The cross gains as the Euro (EUR) outperforms its peers after remaining under pressure this week.

Euro Price Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.18%	-0.03%	-0.15%	-0.02%	-0.02%	0.05%	-0.26%
EUR	0.18%		0.20%	-0.02%	0.15%	0.20%	0.00%	0.02%
GBP	0.03%	-0.20%		-0.20%	-0.08%	-0.00%	0.03%	-0.23%
JPY	0.15%	0.02%	0.20%		0.22%	0.20%	0.21%	-0.01%
CAD	0.02%	-0.15%	0.08%	-0.22%		-0.04%	0.05%	-0.15%
AUD	0.02%	-0.20%	0.00%	-0.20%	0.04%		0.05%	-0.21%
NZD	-0.05%	-0.00%	-0.03%	-0.21%	-0.05%	-0.05%		-0.28%
CHF	0.26%	-0.02%	0.23%	0.00%	0.15%	0.21%	0.28%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

The Euro remained on the back foot after the sudden resignation of French Prime Minister Sebastien Lecornu, which pushed the Eurozone’s second-largest trading economy into a deeper political crisis. Lecornu announced his resignation after failing to persuade his cabinet to support the fiscal budget.

Following the resignation of the fifth French Prime Minister in two years, President Emmanuel Macron has vowed to appoint a new leader by Friday who could push the budget through the legislature, Reuters reported.

Meanwhile, the Canadian Dollar (CAD) exhibits a mixed performance against its major peers ahead of the release of the employment data for September, which will be published at 12:30 GMT. Investors will closely track the employment data to get cues about whether the Bank of Canada (BoC) will cut interest rates again this year.

Economists expect the Canadian Unemployment Rate to have accelerated further to 7.2% from the prior reading of 7.1%. The economy is expected to have added 5K fresh workers against laying off 65.5K employees in August.

Economic Indicator

Unemployment Rate

The Unemployment Rate, released by Statistics Canada, is the number of unemployed workers divided by the total civilian labor force as a percentage. It is a leading indicator for the Canadian Economy. If the rate is up, it indicates a lack of expansion within the Canadian labor market and a weakening of the Canadian economy. Generally, a decrease of the figure is seen as bullish for the Canadian Dollar (CAD), while an increase is seen as bearish.