USD/CAD: Canadian Employment Change

The USD/CAD dropped significantly to continue depreciations after both Canadian and US employment reports came in. The Canadian Dollar depreciated against the Greenback by 42 base points or 0.34% to return into the 1.2540 area.  

Statistics Canada reported that the economy marked a weaker-than-expected rise of 10K in jobs in September, while the unemployment rate remained at the lowest level in nine years of 6.2% in the reported period. An increase in full-time jobs offset weakening in part-time positions with the main support from gains in the public-sector employment. Moreover, wage growth expanded at a fastest pace of 2.2%, fuelling possibility that the Bank of Canada could raise rates in December.