Canadian hiring turns negative in October - TD Securities


Commenting on the latest jobs report from Canada, "The Canadian labour market shed 1.8k jobs in October (consensus: +15k), and the underlying details were soft as the economy added part-time positions while losing full-time jobs," said TD Securities analysts.

Key quotes

"The unemployment rate was unchanged at 5.5%. After an impressive run through the bulk of 2019, the labour market was due to fall back to earth at some point."

"The 6-month average pace of hiring still stands at 22k, which is slightly above the economy's trend pace - and with wage growth edging higher again in October the labour market is tight overall. We still expect the Bank of Canada to cut rates in January, but the state of the labour market is the least of their worries.

"CAD rates outperformed sharply versus the US following the data, and the poor print broadly fits with our theme of Canadian outperformance versus other developed markets."

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD jumps back above 1.1950 amid upbeat market mood

The bid tone around the euro strengthened on Tuesday, pushing EUR/USD higher above 1.1950, as stock markets gained, weakening safe-havens such as the greenback. Coronavirus vaccine optimism and buoyant equity markets weigh over the dollar. Fed's Powell says the US economy remains in a damaged state.

EUR/USD News

GBP/USD eyes 1.3400 as bulls cheer US dollar weakness, focus on PMIs, Brexit

GBP/USD welcomes December with mild gains, trading above 1.3350. Concerns about US economic strength, stimulus weigh on the greenback. Brexit chatters reach the end-game with no clarity over the key hurdles. US Manufacturing PMIs and Fed Chair Powell’s testimony awaited.

GBP/USD News

Gold braces for a bumpy road to recovery above $1775

Gold (XAU/USD) is making another recovery attempt from five-month lows of $1765 as the US dollar dips on improved market mood amid coronavirus vaccine and US stimulus hopes.

Gold news

US ISM Manufacturing PMI Preview: With a tablespoon of salt

Business shutdowns and personal restrictions are expected to slow the US recovery as viral counts in many parts of the country force governments to roll-back previously opened sectors.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures