Latest data released by Statistics Canada - 2 November 2018

  • Prior +63.3k
  • Full-time employment change +33.9k vs +20.0k expected
  • Prior -16.9k
  • Part-time employment change -22.6k vs -4.1k expected
  • Prior +80.2k
  • Unemployment rate 5.8% vs 5.9% expected
  • Prior 5.9%
  • Hourly earnings (permanent employees) +1.9% vs +2.3% y/y expected
  • Prior +2.2%

A softer reading on the employment change but the key here is wages data as it slumps once again and misses on expectations. That's not good news at all. The unemployment rate may have fallen but that mainly owes to a lower participation rate from 65.4% in September to 65.2% in October.

With US payrolls meeting expectations for the most part, we're seeing a move higher in USD/CAD back towards 1.3080 now after having lingered around 1.3050 levels for the most part today.