Canadian labour market closes 2019 on a bright note – TD Securities
|"The Canadian economy added 35k jobs in December, reversing roughly half of the decline from November," noted TD Securities analysts.
Key quotes
"The underlying details were broadly positive, with hiring concentrated in full-time positions and a roughly even split between the goods and services sectors. The unemployment rate fell from 5.9% to 5.6%."
"If there was one wrinkle in the report, it was a larger than expected slowdown in wage growth (average hourly earnings for permanent employees slowed from +4.4% y/y to +3.8% y/y). We'd emphasize that 3.8% is still an objectively strong growth rate, and LFS wage growth has been running hotter than other comparable metrics."
"FX: The data beat is helpful but doesn't alter the shifting macro narrative for CAD relative to other currencies. We still like AUDCAD higher in the short-run and think the data-inspired dip will welcome new buying opportunities in USDCAD en route to 1.32."
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.