Statistics Canada is scheduled to release the most recent Labour Force survey in the country, which is set to reflect on the recorded changes in employment and unemployment for September.
In the previous Labour Force Survey, Statistics Canada observer that:
“Following three consecutive months of little change, employment increased by 81,000 in August, largely in part-time work. The unemployment rate remained at 5.7% as more people participated in the labour market.”
The Canadian economy managed to add 81000 new jobs in August, which was mostly attributed to a more robust labour market for part-time jobs.
Additionally, the unemployment rate remained unchanged at 5.7 per cent for the second consecutive month.
Image source: TradingEconomics.com
The Canadian labour market is going through a soft patch, and downside risks to global growth weigh heavily on the performance of the local economy.
The recent distortions in the oil market resulting from the airstrikes on the oil facilities in Saudi Arabia (you can read more about those, and the immediate impact on the oil market here), have had a negative impact on Canadian exports.
Moreover, subdued investment rates have impeded the growth of the labour market, and as a result, the labour force participation in part-time employment has increased.
Overall, there is little evidence to expect any marginal improvements in the Canadian labour force participation; however, significant hikes in unemployment are also unlikely.
The USDCAD is still trading within the consolidation range, that was first outlined here. The volatility in the pair is expected to pick up by the end of the week, and the release of the unemployment data should boost the fluctuations in the underlying price even further.
Image source: Trendsharks ©, created with TradingView.com
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