Unemployment rate 7.0% vs 7.1% exp
Full time Employment 9K
Part time employment change 35.4K
Participation rate 66.0% vs 65.8%
The data out of Canada was much stronger than expectations, but most of the jobs were of the Part time variety. Nevertheless, the USDCAD has moved higher on the back of the better than expected US jobs report. The price did move up to the high from Oct 28 and has backed off a bit in respect to the better Canada report as well.
More color: The large increase was dominated by part time election officials. The public administration category rose by 32K. We can expect those jobs go away. As a result, the net gain is 32K. Not as great.
So the USDCAD rise is more justified.
