Canada gained 43.9K jobs in October against a forecast for a drop in jobs. In the past two months, the economy gained 111.1K jobs, a winning streak. The unemployment rate remained unchanged at 7% but the participation rate also surprised with a move up from 65.7% to 65.8%.
USD/CAD is not moving in the “right” direction and actually rising. Also in the US, the NFP came out above expectations.
Canada was expected to report a loss of 10K jobs in October after a superb gain of 67.2K back in September. The unemployment rate was predicted to remain unchanged at 7% with a small tick down in the participation rate from 65.7% to 65.6%. Canada often experiences fluctuations between full-time and part-time jobs.
USD/CAD traded around 1.3425 ahead of the release. It is important to note that the US also released its jobs report, the Non-Farm Payrolls, at the same time. Both countries also publish their trade balance reports at the same time.
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