Canada: Employment unexpectedly falls by 30,600 in July

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  • Net change in employment: -30,600 vs. +20,000 expected.
  • Unemployment rates remain at 4.9%.
  • USD/CAD soars after data from Canada and the US.

The employment report Canada showed an unexpected drop in employment in July, but it didn’t significantly affect the loonie. The net change in employment was negative at 30,600with an increase of 20,000 expected.

The jobs of full time were reduced by 13,100 while those of part time at 17,500.

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The unemployment rate it remained at 4.9%, against the expectation of a rise to 5%. The participation rate went from 64.9% to 64.7%, the market consensus was 65.3%.

Simultaneously in the US, the employment report for July was published, which exceeded expectations. The USD/CAD jumped from 1.2890 to 1.2944, the highest level in nearly two weeks. Against the rest of the currencies linked to commodities, the loonie appreciated.

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Source: Fx Street

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