- Unemployment Rate in Canada rose more than expected in January.
- USD/CAD trades in the negative territory near 1.2800 despite disappointing data.
The Unemployment Rate in Canada rose to 9.4% in January from 8.8% (revised from 8.6%) in December with the Net Change in Employment declining more than 212,000 (vs -47.5K expected), the data published by Statistics Canada revealed on Friday. This reading came in worse than the market expectation of 8.9%.
Further details of the publication revealed that the Participation Rate declined to 64.7% from 65% and the Average Hourly Wages edged higher to 5.87% on a yearly basis.
Market reaction
The USD/CAD pair spiked to a session high of 1.2828 but quickly reversed its direction amid broad-based USD weakness. As of writing, the pair was down 0.17% on the day at 1.2803.
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