Highlights of the Canadian employment report from StatsCan:
- Prior was -11K (unrevised)
- Estimates ranged from +10K to +35K
- Unemployment rate 6.8% vs 7.0% expected
- Prior unemployment rate was 7.0%
- Participation rate steady at 66.0% (lowest since 2001)
- Full time jobs 69.3K
- Part time jobs 4.8K
- Permanent avg hourly wages +2.1% y/y.
Very impressive report but USD/CAD has only fallen 30 pips to 11.70 on the kneejerk. That’s a big concerning and demonstrates the broader trend in the market — that it’s tough to keep the US dollar down.
Canadian dollar bulls might be better advised to trade in the crosses.
