Canada: Unemployment Rate declines to 6.9% in September as expected

• Unemployment Rate in Canada declined to 6.9% in September.
• USD/CAD trades in the negative territory below 1.2500.

The Unemployment Rate in Canada edged lower to 6.9% in September from 7.1% in August, the data published by Statistics Canada showed on Friday. Net Change in Employment arrived at +157.1K in the same period, beating the market expectation of 60K.

Further details of the report revealed that the Labor Force Participation Rate improved to 65.5% from 65.1%.

Market reaction

The USD/CAD pair fell sharply on the back of the robust Canadian jobs report and was last seen trading at 1.2490, where it was down 0.45% on a daily basis. The renewed USD weakness on the disappointing US Nonfarm Payrolls figures is also causing the pair to remain on the back foot.