Another good month in the Canadian jobs market: a gain of 10.7K jobs.However, there are 19.4K part-time positions gained why full-time positions have actually fallen by 8.7K. The unemployment rate slipped to 6.8%, but so did the participation rate, hitting 65.6% from 65.8%.
The Canadian dollar likes it, also enjoying a mixed US NFP.
Canada was expected to report a loss of 20K jobs in November, after an excellent gain of 43.9K back in October and the unemployment was forecast to remain unchanged at 7%.
USD/CAD was trading around 1.33. The loonie enjoyed the OPEC deal. The oil exporting nations agreed to cut around 1.2 million barrels per day, something that has pushed oil prices higher.
It is important to remember that the US Non-Farm Payrolls report is released at the same time, and influencing USD/CAD as well.
Next week, the Bank of Canada convenes to make its decision. Poloz made some dovish sounds lately, but hasn’t followed through.
More: USD/CAD – 3 factors moving it up
Here is how it looks on the 30-minute chart:
