Canadian jobs data for November 2021:
- Prior was +31.2K
- Unemployment rate 6.0% vs 6.6% expected
- Participation rate 65.3% vs 65.3 prior
- Full time jobs +79.9K vs +36.4K prior
- Part time jobs +73.8K vs -5.2K prior
- Average hourly wages +3.0% y/y vs +2.1% prior
This is a sensational report. USD/CAD has immediately fallen to 1.2775 from 1.2817 but mixed in with that is the impact of the US non-farm payrolls report.
The unemployment rate is the lowest since February 2020 and overall jobs are now 186K above pre-pandemic levels.