Canada: Unemployment rate dropped to 5.5% in September vs. 5.7% expected

Unemployment rate in Canada dropped to 5.5% in September from 5.7% in August.
The Loonie gathered strength against its rivals on the upbeat jobs report.

Eren Sengezer FXStreet

The data published by Statistics Canada on Friday showed that the unemployment rate in Canada fell to 5.5% in September from 5.7% in August and beat the market expectation of 5.7%. The total number of employed rose 53,700 in September to surpass analysts' estimate of +10,000 by a wide margin.

Further details of the report revealed that the participation rate ticked down to 65.7%.

With the initial market reaction, the USD/CAD pair fell sharply and was last seen trading at 1.3240, losing 0.37% on the day.

"In the third quarter, employment increased by 111,000, or 0.6%, similar to the 0.7% growth rate observed in the second quarter," Statistics Canada noted in its publication. "On a year-over-year basis, employment grew by 456,000, or 2.4%. Over the same period, total hours worked were up 1.3%."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.