Canada: Surge in job creation reversed in Jan - Westpac

Canada’s surge in job creation in Nov (+81k) and Dec (65k) reversed in spectacular fashion in Jan, with a headline -88k slide in total employment, explains Sean Callow, Senior Currency Strategist at Westpac.

Key Quotes

“The unemployment rate rose to 5.9%. Statistical noise seems to be in play but USD/CAD was rattled briefly, spiking to 1.2685 before pulling back below 1.2600. Markets price only a 15% chance of another BoC rate rise in March and are about 50/50 for April.”