Canada made a major revision to 2014 employment data: the nation gained only 121K jobs, much less than 185.7K originally reported throughout the year. More than a third of job gains were cut of the statistics. This also affects the unemployment rate which stands at 6.7% according to the latest numbers.
There is no rest for CAD, which has been suffering from falling oil prices and the surprising BOC rate cut. USD/CAD is on the rise once again, gradually recovering its losses and trading around 1.2450.
Canadian employment data is officially released only once per month. However, once again we had a correction from Statistics Canada. To be fair, these revisions now go back all the way to 2011 due to the usage of the latest census from that year.
For the last month of 2014, data was revised down to a loss of 11.3K jobs, significantly worse than -4.3K originally reported. Canada releases the job figures for January on February 6th.
The loonie enjoyed the pullback in the greenback and USD/CAD traded below 1.24. However, it is now back up to 1.2444 and could certainly reconquer the 1.25 level.
More: USD/CAD: Running Away; Buy Dips targeting 1.30 – CBA
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