Breaking news: CAD falls after jobs miss

4:38 PM November 8, 2019

The main economic release from the North American session comes from Canada this afternoon, with the latest jobs data coming in worse than expected. The data was as follows:

 
  • Employment change: -1.8k vs +15k exp. +53.7k prior

  • Full time roles: -16.1k vs +2.5k exp. +70k prior

  • Part time roles: +14.3k vs +12.5k exp. -16.3k prior 

  • Unemployment rate: 5.5% vs 5.5% exp. 5.5% prior

 

This is clearly a negative report with not only the net change coming in negative but more important the full time roles falling by 16.1k. After two consecutive strong readings of +81.1k and 53.7k respectively this is a disappointment and given the dovish shift seen from the BoC following their last meeting the chances of a rate cut at the next decision will rise further after this.

USDCAD has made a strong push higher since the release with the pair moving up through the $1.32 handle to trade at a 3-week high. Source: xStation

 

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