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BREAKING: USDCAD drops after Canadian labour market data

1:31 PM 6 September 2024

Canadian employment change for August. 22.1k Expected: 25k after -2.8k in July reading

  • Unemployment rate. 6.6% Expected 6.5% vs. 6.4% in July
  • Average hourly wage. 4.9% Expected 4.8% y/y vs. 5.2% y/y in July
  • Participation rate. 65.1% Expected 65% vs. 65% in July

 

Employment change was weaker than expected on MoM basis with unemployment rate higher than expected(market's expected rise to 6.5%) andaverage hourly wage came in higher YoY. Despite the data, CAD strengthened, pressuring sentiments on USDCAD. This might be the result of  US payroll data. On USDCAD look for potential of hammer candlestick closing.

Source: xStation

 

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