Canada: Unemployment Rate stays unchanged at 4.9% in July vs. 5% expected
|- Unemployment Rate in Canada stayed unchanged at 4.9% in July.
- USD/CAD posts strong daily gains above 1.2950 after the data.
The Unemployment Rate in Canada was virtually unchanged at 4.9% in July, Statistics Canada reported on Friday. This reading came in slightly better than the market expectation of 5%.
On a negative note, Net Change in Employment arrived at -30.6K, missing analysts' estimate for an increase of 20K by a wide margin.
"The average hourly wages of employees were up 5.2% (+$1.55 to $31.14) on a year-over-year basis in July, matching the pace of wage growth recorded in June," the publication further read.
Market reaction
The USD/CAD pair rose sharply in the early American session but this move seems to have been fueled by the renewed dollar strength on the upbeat US July jobs report. As of writing, the pair was up 0.75% on the day at 1.2960.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.