Some good data from Canada: the economy gained 35.3K jobs in October, a significant surprise and certainly encouraging after quite a few economic disappointments from Canada. The unemployment rate is up to 6.3%, but this is due to a rise of the participation rate from 65.6% to 65.7%.
USD/CAD is down some 70 pips to 1.2755. This is also due to a weak US NFP. The US saw fewer job gains than predicted. And, wages are back down to 2.4%.
Canada was expected to report a gain of 15K jobs in October after 10K in September. The unemployment rate was predicted to remain unchanged at 6.2%.
USD/CAD was around 1.2830 ahead of the release. Note that the US also publishes its own jobs report at the same time: the Non-Farm Payrolls. Follow the live coverage of the NFP.
Earlier in the week, the loonie suffered from a weak GDP read. The economy squeezed in August after having an excellent first half of the year.Get the 5 most predictable currency pairs