Canada employment data
- Building permits (m/m) (September), fact-6.5%, forecast -2.0%.
- Employment Change (Oct), fact -1.8K, forecast 15.9K.
- Unemployment rate (oct), fact 5.5%, forecast 5.5%.
The number of employees in Canada in October fell to a negative value, indicating an increase in the number of unemployed, rather than new jobs. Given the cyclical nature of this indicator, this indicates a significant slowdown in the labor market in Canada, especially given the downward trend.
Fig. 1. Employment Trends in Canada
As a result, the Canadian dollar accelerated the decline across the market. The USD/CAD pair resumed the uptrend in recent weeks after a long flat. But the growth of this pair may be limited by market restraint at the end of the week and resistance levels: 1.3250 and 1.3280. Support is located at levels: 1.3200 and 1.3170.
Fig. 2. USD/CAD chart
Read also: “Prospects for the USD/JPY for early July”
Hanzenko Anton
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