Canada produces a whopping 94K new jobs, CAD rallies

  • Nov Full-Time Jobs +89,900; Part-Time +4,100
  • Canada Nov Avg Hourly Wages +1.7% From Year Ago
  • Canada Labor Force +77,200 In Nov From Oct
  • Canada Nov Participation Rate At 65.4% vs 65.2% In Oct
  • Canadian job growth surged last month, exceeding market expectations by a wide margin, as gains in full-time hiring helped push the unemployment rate to its lowest level in more than 40-years.

    The Canadian economy added a net +94.1K jobs in November vs. expectations for an increase in employment of +10K.

    Canada’s jobless rate fell to +5.6% in November, down from +5.8% in the previous month. Market expectations were for the jobless rate to remain at +5.8%.

    Meanwhile, average hourly wage growth decelerated to +1.7% y/y, down from +2.2% in October.

    The loonie has rallied aggressively, +0.85% to C$1.3306.

    Stateside, U.S Treasury yields and dollar are heading back down after the weaker-than-expected jobs figures (+155K vs. +198Ke). The yield on the 10-year is at +2.883%, after eclipsing +2.90% earlier this morning. The Dollar Index is down -0.2% after rising earlier in the day.

    This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

    Dean Popplewell

    Dean Popplewell

    Vice-President of Market Analysis at MarketPulse
    Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
    Dean Popplewell