Very close to median forecast of +20k.  Unemployment fell to 8.2% from 8.3% in January.

USD/CAD down at 1.0165 with stops through 1.0200 tripped.

CPI rose 0.3% in January and 1.9% on the year. CPI had been running at a 1.3% clip the month earlier.

More ammo for the BOC to drop its super-accomodative policy in the months ahead.

Here are a few of the highlights.

As goes Canada, so goes America? Leading indicators are ramping higher north of the border and have been trending higher in the US for months. Hopefully the economies will spark to life soon.

Canada’s Liberal Party has been threatening to bring down the government for months but its leader Ignatieff says that Canadians do not want another election despite Prime Minister Harper’s suspension of Parliament.

Good thing too, Canada was starting to look like Italy in the 90s….an election every 20 minutes…

Canadian employment data has come in weaker than expected at -2.6k compared to median forecast of +20k. Unemployment rate steady at 8.5%, as forecast.

Canadian dollar has weakened post release, funds up at 1.0370 from around 1.0310.

The future of the government will be in play over the next few months as Harper plans to present his budget in early March.

USD/CAD has been insanely volatile today (hasn’t everything?) but it trades quietly now at 1.0540/43.

The Chicago Fed national activity index rose to -0.32% in November from -1.02% in October.

North of the border, Canadian retail sales rose 0.8% in October after a rise of 1.1% in October.

Ex-autos, sales rose 0.2%.

Canadian net change in employment for November has come in at +79,000, much better than the median forecast of +15,000.

The unemployment rate has fallen 0.1% to 8.5%. Median forecasts had called for an unchanged 8.6%.

USD/CAD has sold off on the news, presently down at a session low 1.0485 from around 1.0525/30 just before the release.

The figures were weaker than expected as the market had anticipated a 0.7% rise. Q2 was revised firmer to -3.1% from an earlier -3.4%.

USD/CAD is a shade firmer in the wake of the data, at 1.0575 from 1.0560.

Like the current account data this morning showing a record deficit, Canada is looking more like the rest of the world, posting a big budget deficit as well. Gone are the days when Canada was the only G7 nation with both current account and budget surpluses.

Recovering commodities and equity markets have slowed the flight to quality, helping lift the Loonie to the 1.0615 level from early lows at 1.0750.

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