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USD/CAD confused after payrolls rise with unemployment
The Canadian monthly jobs numbers have just hit the screens and that has shown an increase in payrolls of 25k. They have actually risen by 50.5k. That was quite a beat. The underlying rate of unemployment has risen though, to 6.8% from 6.6% and that is because of an increase in the participation rate, from 64.9%, to 65.1%. Canadian average wages fell sharply too. They dropped to 3.9%, from a 4.7% pace of increase. The reaction in the USD/CAD has seen it rise and fall and then rise again. It is a bit messy to be honest, as it tries to digest the conflicting data and the numbers from the US at the same time. The USD/CAD is just now trading 1.4056
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