- Change in employment surprises with an increase of more than 100,000.
- Unemployment rate unexpectedly drops to 5%.
- The loonie gains momentum throughout the market.
The Canada employment report December showed higher-than-expected figures, which pushed the loonie higher throughout the market. The net change in employment was positive at 104,000 far exceeding the expected 8,000. Full-time jobs increased by 84,500 and part-time jobs by 19,500.
The unemployment rate it fell from 5.1% to 5%, and a rise to 5.2% was expected. The average salaries per hour rose 5.2% in December from a year ago.
The US employment report for December was also released at the same time. The USD/CAD fell sharply after the datagoing from the zone of 1.3650 to 1.3575, thus erasing almost all of the intraday gains.
Source: Fx Street
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