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Prior was +60.4Unemployment rate 6.9% vs 7.1% expected (prior 7.1%)Participation rate 65.3% vs 65.2% priorFull time -18.5K vs +106.1K priorPart time +85.1K vs -45.6K priorHourly wages for permanent employees % vs +3.6% priorUSD/CAD was trading at 1.1402 ahead of the report and quickly fell to 1.4075.The numbers in this report have yo-yo’d for months, making it tough to get a clean read on what’s happening with Canadian hiring. On net, the view was that it was weakening but not to a frightening degree, these past two reports could change that view. There have been signs of layoffs though so it’s tough to have any confidence in hiring, and not at this pace. If you average out the past four months, the monthly jobs growth is +5.1K, which I think is about right for where we are.Unemployment is back to where it was in April.The Bank of Canada cut rates this month but already signaled that it’s now on the sidelines. This certainly underscores that view.
This article was written by Adam Button at investinglive.com.
💡 DMK Insight
The unexpected drop in the unemployment rate to 6.9% is shaking up the USD/CAD pair, and here’s why that matters right now: With the participation rate slightly up and full-time employment taking a hit, the mixed signals could lead to volatility in the forex market. The immediate reaction saw USD/CAD spike from 1.1402 to 1.4075, indicating traders are reacting to the potential implications for monetary policy. A lower unemployment rate might push the Fed to consider tightening sooner than expected, which could strengthen the USD against the CAD in the short term. However, the decline in full-time jobs raises concerns about the sustainability of this recovery, suggesting that traders should be cautious. Watch for resistance around 1.4075 and support near 1.1402 as key levels to gauge market sentiment. If the trend continues, it could also affect related assets like oil, given Canada’s heavy reliance on energy exports. Keep an eye on upcoming economic indicators that could further influence these dynamics.
📮 Takeaway
Watch USD/CAD closely; resistance at 1.4075 and support at 1.1402 could signal upcoming volatility based on economic data.
