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BREAKING: limited reaction to massively good Canadian NFP

2:45 PM 6 January 2023

NFP +104k, consensus was +8k (previous +10.1k)

Unemployment Rate 5%, consensus 5.2%, previous 5.1%

Full time employment +84.5k after 50.7k in November

 

A very strong report from Canada meets only a limited reaction on USDCAD. The pair reverses lower from the sub-1.37 resistance zone but doesn’t make a move that looks like it could conclude a 1-month long consolidation. Meanwhile the data, especially a second month of strong full time employment gains could push Bank of Canada onto the path of more tightening.

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