CAD Gains on Strong Canadian Labor Market Data 💡

Key takeaways

Hawkish data from the Canadian labour market strengthens the CAD against the US dollar

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Key takeaways

Hawkish data from the Canadian labour market strengthens the CAD against the US dollar

Net change in employment in October: 66,600 (forecast: -5,000; previous: 60,400)

- Unemployment rate: 6.9% (forecast 7.1%; previously 7.1%)

- Hourly wage of permanent employees (year-on-year): 4.0% (forecast 3.5%; previously 3.6%)

The increase in employment in October 2025 was mainly in the wholesale and retail trade sector, where 41,000 jobs were added (+1.4%), offsetting the decline of 21,000 in the previous month. Employment also increased in transport and storage (+30,000; +2.8%) and in the information, culture and recreation sector (+25,000; +3.0%), although the number of people employed in these industries remained stable compared to the previous year. At the same time, employment in construction fell by 15,000 (-0.9%) in October, remaining roughly stable compared to the previous year, but 38,000 lower than the peak at the beginning of 2025. Between January and October 2025, employment in industry fell by 54,000 (-1.3%), mainly due to lower employment in construction and manufacturing, while the service sector increased employment by 142,000 (+0.8%). Source: Statcan

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