USD/CAD: Employment Change

The USD/CAD currency pair extended gains, as the data painted a darker picture for Canada's jobs market. The Loonie depreciated against the US Dollar by 0.15% to hit the 1.2589 mark just after the release was published. Statistics Canada reported that the country's labour market added 10.9K jobs in July, falling below expectations for a gain of 13.1K new positions. However, the unemployment rate fell to 6.3%, while economists anticipated an unchanged reading of 6.5%. The surprisingly lower unemployment supported the Bank of Canada's intention for one more rate hike in October. Though, additionally reported trade figures, which were weaker than expected, forced to wait for more signs of sustainable economic expansion.