Canada's Unemployment Rate drops to 6.4% in July
Statistics Canada reported on Friday that the Unemployment Rate decreased to 6.4% in July, below what markets were expecting.
Additionally, the Net Change in Employment increased by 75.1K jobs, adding to the 18.2K gain we saw in the prior month. In addition, the participation rate ticked a tad higher to 65.1%, and wages are growing at a 3.0% annual pace, down from June’s 3.7% yearly gain.
Market reaction
In the wake of the release, the Canadian Dollar (CAD) regains buying pressure, motivating USD/CAD to break below the psychological 1.4000 threshold for the first time since mid-June.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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