USD/CAD: CAD On Fire After Wild Jobs Report

Canada January Full-Time Jobs +30,900; Part-Time +36,000

Canada January Average Hourly Wages +2.0% From Year Ago

Canada January Participation Rate At 65.6% Vs 65.4% In Dec

Canada January Jobless Rate 5.8%; Dec 5.6%

Employment in Canada surged last month, led by the biggest one-month private-sector hiring ever recorded, while the unemployment rate climbed on a sharp increase in the number of younger people looking for a job.

The Canadian economy added a net 66,800 jobs in January – the market was expecting a net job increase of 5,000.

Canada’s jobless rate climbed to 5.8% in January, from 5.6% m/m. The uptick is being attributed to more people looking for work.

An estimated 103,000 Canadians joined the labor force in January, the largest one-month gain in a decade.

CAD has rallied hard on the surprise number, up 0.6% to C$1.3241 – the was trading at C$1.3303 ahead of the release.

USD/CAD for Feb. 7-8, 2019.

USD/CAD for Feb. 7-8, 2019.

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