- Unemployment Rate in Canada edged lower to 7.5% in July.
- USD/CAD trades in the positive territory above 1.2500.
The Unemployment Rate in Canada declined to 7.5% in July from 7.8% in June, the data published by Statistics Canada revealed on Friday. This reading came in slightly worse than the market expectation of 7.4%.
Key takeaways
"Employment rose by 94,000 (+0.5%) in July, adding to an increase of 231,000 (+1.2%) in June."
"The two consecutive months of growth brought employment to 246,000 (-1.3%) below the February 2020 level."
"All of the employment gains in July occurred in the private sector, where the number of employees rose by 123,000 (+1.0%)."
"July employment gains were concentrated in full-time work (+83,000; +0.5%); the first increase since March 2021."
Market reaction
The USD/CAD pair spiked to a daily high of 1.2534 with the initial reaction and was last seen gaining 0.12% on the day at 1.2522.
