Canada was expected to report a gain of 10.3K jobs in August and to see the unemployment rate unchanged at 7%. The labor productivity figure was expected to rise by 0.1% in Q2.
The Canadian dollar was showing strength against the USD rally.
2.3K full time jobs were lost, while part time jobs suffered a drop of 8.7K positions.
The Canadian economy needs a strong US economy for internal demand. At the same time, the NFP report is released in the United States. The US disappointed with a job gain of only 142K, and most other details are underwhelming as well.
The participation rate in Canada stands at 66%, lower than 66.1% but significantly higher than 62.8% in the US. Labor productivity stands at 1.8%.
1.0850 serves as support, and 1.0940 as resistance. For more, see the Canadian dollar forecast.
