Canada: Unemployment Rate stays unchanged at 5% in February vs. 5.1% expected

Unemployment Rate in Canada stayed unchanged at 5% in February.
USD/CAD trades in negative territory below 1.3800 after the data.

Eren Sengezer FXStreet

The data published by Statistics Canada revealed on Friday that the Unemployment Rate stayed unchanged at 5% in February. This reading came in slightly better than the market expectation of 5.1%.

Further details of the publication revealed that the Net Change in Employment came in at +21.8K in February, surpassing analysts' estimate of 10,000. Finally, the Participation Rate remained steady at 65.7%.

Market reaction

The USD/CAD came under heavy bearish pressure in the early American session and was last seen losing 0.4% on the day at 1.3773. The broad-based US Dollar weakness also seems to be forcing the pair to stay on the back foot.

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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