EUR/CAD steadies after losses ahead of Euro Area, Canada jobless data

The EUR/CAD currency pair steadied on Friday after recent string of declines ahead of unemployment figures due out of both the Euro Area and Canada.

The seasonally-adjusted unemployment rate in the Euro Area probably remained steady at a record low level of 6.4% in September, according to market consensus.

In August, the number of unemployed persons in the Eurozone decreased by 107,000 to 10.856 million, data by Eurostat showed.

Meanwhile, Germany’s Federal Statistical Office said on Friday that the nation’s trade surplus had narrowed to EUR 16.5 billion in September from a revised up EUR 17.7 billion surplus in August. It has been the smallest trade surplus figure since May.

Total exports shrank at a faster-than-expected rate of 2.4% to EUR 126.5 billion in September – their lowest level since March 2022.

Total imports unexpectedly dropped 1.7% to EUR 110.0 billion in September, or their lowest level since January 2022.

In Canada, the economy probably created 22,500 jobs in October, according to market consensus, following a job growth of 63,800 in September – the highest since January.

And, the rate of unemployment in the country is expected to have risen to 5.6% in October from 5.5% in September. If expectations are met, the reading would point to the highest jobless rate since January 2022. The official report by Statistics Canada is due out at 12:30 GMT.

As of 8:21 GMT on Friday EUR/CAD was edging up 0.11% to trade at 1.4603. The minor Forex pair has pulled back from 1.4747 – the two-month peak, which it scaled on October 31st.