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Analysts at TD Securities note that the Canadian employment rose by 11k in October, in between TD’s forecast (5k) and the market consensus (15k).

Key Quotes

“Details were largely downbeat; although full-time employment rose by 34k, wages softened and the participation rate fell to a new post-crisis low.”

FX: The dual employment reports helped to offset each other for USDCAD, but the Canadian trade data should probably justify the push higher.”