Canada: Unemployment Rate declines to 5.2% in September vs. 5.4% expected
|- Unemployment Rate in Canada declined unexpectedly in September.
- USD/CAD continues to trade in daily range above 1.3700.
The Unemployment Rate in Canada declined to 5.2% in September from 5.4% in August with the Net Change in Employment coming in at 21.1K, slightly better than the market expectation of 20K, the data published by Statistics Canada showed.
"Year-over-year wage growth remained above 5% for a fourth consecutive month, with the average hourly wages of employees rising 5.2% (+$1.57 to $31.67) compared with September 2021 (not seasonally adjusted)," the publication further read.
Market reaction
The Canadian dollar managed to stay resilient against the greenback, which has started to gather strength on the upbeat Nonfarm Payrolls report. As of writing, USD/CAD was flat on the day at 1.3745.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.