- Canada's economy added 63,800 jobs, in September more than tripled expectations
- Canadian wages rose 5.3% vs 5.1% eyed and a 5.2% prior
- BOC rate hike odds rise to 41.6% for the October 25th meeting
North America had quite an impressive hiring spree in September. Much of the attention went to the US NFP report, but Canada quietly outperformed their neighbor. Canada delivered robust job and wage gains, while the US saw impressive hiring but softening wages. It is clear that FX markets are thinking the chances of the BOC hiking again are greater than it is for the Fed. The Canadian dollar is rallying strongly against the dollar and that could accelerate if Wall Street believes financial conditions are tight enough and the Fed won't need to hike rates again.
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