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Prior -24.8KUnemployment rate: 6.7% vs 6.6% expectedPrior 6.5%Full-time employment change: -108.4K vs +44.9k last monthPart-time employment change: +24.5K vs -69.7K last monthParticipation rate: 64.9% vs 65.0% last monthAverage hourly wages (permanent, YoY): 4.2% vs 3.3% last monthFull report hereThis is an awful jobs report. The Canadian dollar is selling off across the board.StatCan notes that “employment declines in February were recorded in services-producing industries (-56,000; -0.3%) and goods-producing industries (-28,000; -0.7%). The largest declines were in wholesale and retail trade (-18,000; -0.6%), and ‘other services’ such as personal and repair services (-14,000; -1.8%).”In February, the number of people working full-time declined by 108,000 (-0.6%), offsetting growth recorded over the previous two months. At the same time, there was little variation in the number of people working part-time in February. On a year-over-year basis, there was little change in the number of people working full-time or part-time.Despite the bleak data, traders are still pricing a rate hike from the BoC by year-end as elevated oil prices continue to drive inflation expectations.
This article was written by Giuseppe Dellamotta at investinglive.com.
💡 DMK Insight
The latest Canadian jobs report is a shocker, and here’s why it matters: a significant drop in full-time employment and a higher unemployment rate could trigger further CAD weakness. With the unemployment rate rising to 6.7% against an expected 6.6%, and a full-time employment change of -108.4K, traders should brace for volatility in the CAD and related markets. This disappointing data suggests a struggling labor market, which could lead the Bank of Canada to reconsider its monetary policy stance. If the CAD continues to weaken, we might see a corresponding uptick in ETH, currently at $2,067.60, as traders look for safe havens or alternative investments. Keep an eye on the CAD/ETH correlation; a sustained CAD sell-off could push ETH higher as investors seek refuge. Here’s the flip side: if the market overreacts, we could see a short-term bounce in the CAD as traders take profits. Watch for key support levels in ETH around $2,000 and resistance at $2,100. The next few days will be crucial for gauging market sentiment and potential reversals.
📮 Takeaway
Monitor ETH’s movement closely; if it breaks above $2,100, it could signal a bullish trend amid CAD weakness.
