BREAKING: USDCAD jumps above 1.35 after Canadian jobs data

Canadian labor market report for November was released today at 1:30 pm GMT, simultaneously to the jobs report from the United States. While the market's attention was focused on NFP data, the Canadian report was quite interesting as well. While total employment data showed a small increase that was slightly above expectations, it should be noted that it was another month of strong growth in full-time jobs, that managed to more than offset a 40.6k drop in part-time employment. This is a welcome development as full-time jobs are more desirable. Unemployment rate ticked lower from 5.2 to 5.1%.

Canadian jobs report for November:

• Employment change: +10.1k vs +5.5k expected (108.3k previously)

• Full-time employment change: +50.7k vs 119.3k previously

• Part-time employment change: -40.6k vs -11.0k previously

• Unemployment rate: 5.1% vs 5.3% expected (5.2% previously)

• Participation rate: 64.8% vs 64.9% expected (64.9% previously)

While Canadian jobs data can be seen as solid, USDCAD spiked due to significant acceleration in US wage growth. The pair climbed above 1.35 following the release.

Source: xStation5