BREAKING: USDCAD drops after Canadian labour market data

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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