BREAKING: USDCAD ticks higher after huge miss in employment reading!

Canada - Labor market report for May

Capacity utilization for Q1: Actual: 81,9%. Prior 81.7%
Average hourly wages permanent employee yy for May: Actual: 5,1%. Prior 5.20%
Employment change for May: Actual: -17,300. Expected 23,200; Prior 41,400
Unemployment rate for May: Actual: 5,2% Expected 5.1%; Prior 5.0%
Full time employment change SA for May: Actual: -32,700. Prior -6,200
Part time employment change SA for May: Actual: 15,500. Prior 47,600
Participation rate for May: 65,5%, Actual: Prior 65.6%

Employment declines in business, building and other support services in May. Source: statcan

The USDCAD pair responded with a massive appreciation of the US dollar against the CAD. The data is performing very poorly, which, despite this week's surprise in terms of a 25bp rate hike, no longer seems to leave room for similar action at a future BoC meeting. Source: xStation5

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BREAKING: USDCAD ticks higher after huge miss in employment reading!

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