Canada: Unemployment Rate fell to 5.6% in December vs. 5.8% expected

Unemployment Rate in Canada fell more than expected in December.
USD/CAD is under strong bearish pressure and approaching 1.30.

Eren Sengezer FXStreet

The data published by Statistics Canada on Friday showed that the Unemployment Rate in Canada fell to 5.6% in December from 5.9% in November to beat the market expectation of 5.8%.

With the initial market reaction, the USD/CAD pair lost more than 50 pips in a matter of minutes and was last down 0.12% on the day at 1.3038.

"In the 12 months to December, employment increased by 320,000 (+1.7%), the result of gains in full-time work (+283,000 or +1.9%)," Statistics Canada noted in its press release. "Over the same period, the number of hours worked was little changed."

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.

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