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- Canada: Economy adds 153.7K jobs in November versus 35K median forecast
Canada: Economy adds 153.7K jobs in November versus 35K median forecast
- Canada's economy added 153.7K jobs in November, more than the 35K expected.
- USD/CAD fell 50 pips to the 1.2270s as a result, as weighed by weaker than expected US data.
The Canadian economy added 153.7K jobs in the month of November, well above expectations for a 35K gain and a marked acceleration from the 31.2K jobs added in October. 79.9K of these job gains were in full-time employment. Meanwhile, the unemployment rate dropped to 6.0% from 6.7% in October, a significantly larger decline than the expected drop to 6.6%.
Market Reaction
USD/CAD has seen a substantial drop, in part due to the strong Canadian data that will bring forward BoC tightening expectations, but also due to a weaker than expected US labour market report that was released at the same time. The pair was trading above 1.2820 prior to the data but has dipped about 50 pips to trade in the 1.2770s.
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