Canada Unemployment Rate stays unchanged at 6.5% vs. 6.6% expected

• Unemployment Rate in Canada held steady at 6.5% in October.
• USD/CAD trades in positive territory above 1.3900 after the labor market data. 

Statistics Canada reported on Friday that the Unemployment Rate in Canada remained unchanged at 6.5% in October. This reading came in below the market expectation of 6.6%.

On a yearly basis, Average Hourly Wages rose by 4.9%, following September’s 4.5% increase. In the meantime, the Participation Rate edged lower to 64.8% from 64.9%, while the Net Change in Employment rose by 14.5K, falling short of analysts’ estimate for an increase of 25K.

Market reaction

USD/CAD edged higher with the immediate reaction and was last seen rising 0.4% on the day at 1.3915.