Canadian employment report
Canadian employment
  • Prior +63.8K
  • Unemployment rate 5.7% vs. 5.6% expected. Last month 5.5%.
  • Full-time employment -3.3K vs +15.8K last month
  • part-time employment +20.8K vs. +47.9k last month.
  • Participation rate 65.6% vs 65.5% last month.
  • Average hourly wages permanent employees 5.0% vs 5.3% y/ last month

Wage growth is cooling, unemployment rose and the job losses were in full-time employment. Those are all weak details. USD/CAD is down on the soft non-farm payrolls report but, otherwise, the Canadian dollar is underperforming. That said, the US numbers should spark some risk appetite as Treasury yields have fallen; that will be good for the loonie.