Canadian jobs data for February was released today at 1:30 pm GMT. Report was expected to show an over-20k increase in total employment, as well as an uptick in the unemployment rate from 5.7 to 5.8%.
Actual report turned out to be much stronger than expected. While unemployment rate ticked higher in-line with market expectations, total employment change was almost twice as high as expected. Moreover, employment change was entirely driven by full-time jobs.
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- Employment change: +40.7k vs +20.5k expected (+37.3k previously)
- Full-time employment: +70.6k vs -11.6k previously
- Part-time employment: -29.9k vs +48.9k previously
- Unemployment rate: 5.8% vs 5.8% expected (5.7% previously)
However, Canadian dollar weakened following the release. USDCAD swung up and down, follwoing the release but reaction on this pair was distorted by release of the NFP report. Taking a look at EURCAD we can see that the pair spiked following the release and jumped above 1.4720 resistance.
Source: xStation5
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