The Canadian economy gained 13.2K jobs and the unemployment rate remained at 6.9%, a bit better than expected. It was expected to gain around 12K jobs, similar to the gain of 11.9K recorded in September. The unemployment rate was predicted to tick up from 6.9% to 7%. Â The participation rate stands at 66.4%. It is important to note that the Canadian report is published at the same time as the US Non-Farm Payrolls report, which showed a stronger than expected gain of 204K jobs.
USD/CAD traded 1.0450. It is now at 1.0480.
Canada gained 16K full time jobs and lost 2.7K part time jobs. This is a healthy read.
The Canadian economy is doing relatively well, but it needs strong US demand in order to flourish. A good NFP in the US is supportive of Canada and the Canadian dollar, while a weak report is bad for both.
Resistance appears at 1.05, while support is around 1.0360. For more, see the Canadian dollar forecast.
Earlier, Canada reported a gain of 198.3K (annualized) in housing starts.
