• In July, the unemployment rate in Canada increased to 5.5%.
  • Employment Change Net: -6,400 vs. 21,100 projected.
  • After the US and Canadian jobs statistics, the USD/CAD falls around 1.3350 before recovering.

According to figures released by Statistics Canada on Friday, the unemployment rate increased to 5.5% in July. This reading was in line with what the market anticipated. 65.6% of the population participated, down from 65.7%.

The Net move in Employment, which followed a 59,900 rise in June, was negative by 6,400, which was worse than the experts’ projection of a 21,100-positive move. In July, the annual salary inflation reached 5%. More Canadian data is anticipated later on Friday, including the Ivey Purchasing Managers Index, which is predicted to increase from 50.2 to 52.7 in July.

Market response:
Following a brief fall, the USD/CAD turned upward, hitting two-month highs just below 1.3400. Jobs numbers were also reported from the US.

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