Employment change in Canada better than expected

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A few moments ago, the national statistical office of Canada released its labour market report for the month of June. Bloomberg’s market consensus anticipated that the headline net change in employment increased by 700k. Surprisingly the reading came in above market expectations as employment change amounted to 952.9k. The exact figures were as follows:

Net Change in Employment: 952.9k (vs expected: 700k)
Unemployment Rate: 12.3% (vs expected: 12.1%)
Participation Rate: 63.8% (prior: 61.4%)

Shortly after the release, USDCAD is still trading slightly lower. The reading did not have any significant impact on the currency pair though. Looking at H4 time frame, the currency pair is still sitting in a range between 1.3615 and 1.3500 Source: xStation5

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