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Canada gained only 2300 jobs (employment change) , much less than expected. Early expectations stood on a gain of 23.3K after last month’s 17.5K gain.

The unemployment rate rose from 7.5% to 7.6%. It was expected to remain at 7.5%.

It’s also important to note that full time jobs actually decreased by 3.6. So the bottom line gain is  a courtesy of a 5.9K rise in part time jobs. This adds to the pressure on the loonie.

USD/CAD parity is now seen below the current price. The pair jumps to around 1.0020. More serious resistance appears at 1.0070. For more levels, see the USD/CAD forecast.

Parity capped the pair in the last sessions, but it’s important to note that USD/CAD didn’t really fall too far. 0.9960 served as a bottom for the pair. The loonie was weakened by falling tensions around Iran.

Canada’s southern neighbor, the US, will publish all-important job figures at 13:30 GMT. There are expectations for nice gains of around 150K, but clouds from the government loom.

See more in the NFP Preview.