A Decline in Canadian Employment Rate Has Market Sentiments Favoring USD

Canadian Labor Market

After the Bank of Canada (BoC) hiked interest rates by 75bps on Wednesday, the CAD bulls built up a head of steam before today’s labor release. The unemployment rate in the country has increased for the first time in 7 months. It appears that the Market’s excitement in the dollar sell-off was caused by either profit-taking or the recent overbought nature of the USD in the Fx market, where traders are thirsty for any anti-dollar sentiment to pounce on.

Today’s data has, however, put a halt to this market enthusiasm as unemployment hit levels last seen in February 2022, with employment in negative territory despite the activities of the government and estimates looking for a positive headline read.

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