Unlike their southern neighbours, the Canadian labour market suffered markedly in November by registering both a deterioration in employment and a surge in unemployment.
According to Statistics Canada, the economy has lost 71.2 thousand jobs in the past month, which is a significant disappointment compared to the general forecasts for 10 thousand newly created jobs.
Thus, the unemployment rate has appreciated by 0.4 per cent from October’s 5.5 per cent to 5.9 per cent in November.
Canada Unemployment Rate. Image source: TradingEconomics.com
In the comprehensive report it was additionally revealed that:
“In November, employment declined in Quebec, Alberta and British Columbia, while it was little changed in the other provinces. Employment was down for men in the core working ages of 25 to 54 and women aged 55 and over. Declines in employment were recorded both in the goods-producing sector, specifically in manufacturing and natural resources, as well as in the services-producing sector, notably in public administration.”
The observed deterioration in manufacturing employment could likely have an overwhelmingly negative impact on the industry, as production output starts to become more and more subdued gradually.
Because the American and Canadian economies’ jobs reports were so exactly opposite to each other, the USDCAD expectedly reacted quite drastically to Friday’s employment data.
The pair rose by more than 0.60 per cent on Friday as the price reached the 1.32500 level.
It is currently consolidating in a range below the major resistance (previously support) level at 1.32667, but above the bearish channel’s lower boundary at 1.32400.
USDCAD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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