USD/CAD cracks on upbeat Canadian labor market data
Updated
USD/CAD slips vertically to near 1.3600 as Statistics Canada has reported upbeat labor market data. The Canadian labor market witnessed fresh additions of 39.9K payrolls in August, more than doubled from the expectations of 15K. The US Dollar remains firm as the US economy is resilient due to cooling inflation and stable labor growth.
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The Unemployment Rate in Canada held steady at 5.5% in August, Statistics Canada reported on Friday. Net Change in Employment arrived at +39,900 following July's decrease of 6,400.Further details of the jobs report showed that the Participation Rate edged lower to 65.5% from 65.6%, while total hours worked rose 0.5% in August and by 2.6% annually.
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USD/CAD hovers around 1.3630 during the Asian session on Monday, attempting to snap the previous session’s losses. The pair experienced downward pressure despite the upbeat employment data for August from Canada on Friday.As said, Average Hourly Wages (YoY) improved to 5.2% from the previous reading of 5.0%. Net Change in Employment (Aug) printed a reading of 39.9K, significantly higher than the market consensus of 15.0K, swinging from the previous -6.4K. While the Unemployment Rate remained consistent at 5.5% against the expectations of a 5.6% reading.
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