Canada: ADP Employment Change drops to -100.8K in February

• Private sector employment in Canada continued to fall in February.
• USD/CAD trades with modest daily gains around 1.2430.

Private sector employment in Canada decreased by 100,800 jobs from January to February, the ADP Research Institue revealed in its monthly report on Thursday. On a positive note, January's print got revised up to -65,800 from-231,200.

Commenting on the data, "The decrease in jobs was led by leisure and hospitality, trade, and construction, while the manufacturing and finance sectors recorded slight job gains,” said Nela Richardson, chief economist, ADP. "As lockdown restrictions continue to ease across the country, hard-hit industries such as leisure and hospitality will begin to see gains in hiring."

Market reaction

The USD/CAD pair edged higher after this report and was last seen gaining 0.23% on the day at 1.2429.