Today’s trading remains relatively subdued, as many markets are still closed for holidays. Canadian and US Dollars are showing mild strength, while Yen struggles as the weakest currency, followed by New Zealand Dollar and Euro. Sterling, Australian Dollar, and Swiss Franc exhibit mixed performance. Most pairs and crosses stay within Friday’s range, except for Yen
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The Canadian employment data exceeded expectations, with an employment change of 34.7K compared to the estimated 12.0K. The unemployment rate dropped to 5.0%, better than the 5.1% prediction. Initially, the USDCAD dipped, reflecting a stronger Canadian dollar, but it later reversed and reached new session highs for the day, with the highest price at 1.35023
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Prior was +311K (revised to +326K) Two-month net revision -17K Unemployment rate 3.5% vs 3.6% expected Prior unemployment rate 3.6% Participation rate 62.6% vs 62.5% prior (was 63.4% pre-pandemic) U6 underemployment rate 6.7% vs 6.6% prior Average hourly earnings +0.3% m/m vs +0.3% expected Average hourly earnings +4.2% y/y vs +4.3% expected Average weekly hours
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