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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