- Unemployment in Canada remained unchanged at 5.5% as expected.
- Net Change in Employment came in below the market estimate.
- USD/CAD pair pushed higher above the 1.32 mark with the initial reaction.
The data published by Statistics Canada on Friday revealed that the total number of employed decreased by 1,800 in October to miss the market expectation for an increase of 15,900 by a wide margin.
With the initial reaction, the USD/CAD pair spiked to a fresh daily high of 1.3233 and was last seen trading at 1.3215, adding 0.38% on a daily basis.
“Following two consecutive months of growth, employment held steady in October. The unemployment rate was unchanged at 5.5%,” the press release read. “On a year-over-year basis, employment grew by 443,000 or 2.4%, driven by gains in full-time work. Over the same period, total hours worked were up 1.3%.”