Canada Unemployment Rate declines to 6.5% in September vs. 6.7% expected
Source Fxstreet
- Unemployment Rate in Canada declined slightly in September.
- USD/CAD pushes lower following the upbeat Canadian employment data.
The Unemployment Rate in Canada edged lower to 6.5% in September from 6.6% in August, Statistics Canada reported on Friday. This reading came in below the market expectation of 6.7%.
Further details of the jobs report showed that the Net Change in Employment came in at 46.7K in the same period, up sharply from 22.1K in August. Finally, the Average Hourly Wages rose 4.5%, at a softer pace than the 4.9% increase recorded in August, while the Participation Rate declined to 64.9% from 65.1.
Market reaction
USD/CAD turned south with the immediate reaction and retreated from the two-month high it set above 1.3780. At the time of press, the pair was virtually unchanged on the day at 1.3740.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Gold (XAU/USD) retreats slightly after touching a fresh record high, around the $3,689-3,690 region during the Asian session on Tuesday, amid some repositioning trade ahead of key central bank events.
Bitcoin (BTC) could be poised for a price surge following its positive correlation with the S&P 500, as market participants anticipate a 25-basis-point rate cut from the Federal Reserve on Wednesday.
The AUD/JPY cross extends the decline to near 97.80 during the Asian trading hours on Wednesday.
Gold (XAU/USD) attracts some sellers during the Asian session on Wednesday and moves away from the all-time peak, levels just above the $3,700 mark touched the previous day.
The US Federal Reserve is expected to cut the policy rate for the first time in 2025.
