• Private sector employment in Canada continued to increase in May.
• USD/CAD clings to strong daily gains above 1.2330.

Private sector employment in Canada increased by 101,600 jobs from April to May, the ADP Research Institute revealed in its monthly report on Thursday. This reading followed the previous print of 101,300 (revised from 351,300).

Commenting on the data, “May reported an increase in jobs, marking four straight months of job growth,” said Nela Richardson, chief economist, ADP. “Professional and business services; construction; and leisure and hospitality indicated strong employment gains; while trade, transportation and utilities; information and natural resources and mining saw layoffs.”

Market reaction

This report was largely ignored by market participants and the USD/CAD pair was last seen gaining 0.48% on a daily basis at 1.2335.