Statistics Canada has reported sizable jobs gains for December. The Canadian unemployment fell by 0.3 percentage points to 5.6 per cent from the previously recorded 5.9 per cent.
In doing so, the marked improvement comes as a better-than-expected result, as the markets were expected the unemployment rate to contract only marginally to 5.8 per cent.
Meanwhile, net employment increased by 35.2 K newly created jobs vs 24.9 K expected. In doing so, the Canadian labour market managed to make up for the vastly disappointing results that were registered the month before.
Canada Unemployment Rate. Image source: TradingEconomics.com
Because of that, the Canadian dollar strengthened against the greenback.
In the aftermath of the releases of the jobs reports in the two countries, the USDCAD tumbled by 0.13 per cent and reached the historical support level at 1.30240.
USDCAD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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