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Canada Jobless Rate Unchanged As New Jobs Added in May For Third Month

Canada Jobless Rate Unchanged As New Jobs Added in May For Third Month

2012-06-08 13:02:00
Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [Canada’s unemployment rate steady; new jobs added for third month] > [Continued job growth could add scope for BoC rate hike] > [CADgains vs. USD]

Canadian employers continued to add new jobs to the labor market for the third straight month, though employment growth slowed considerably. Statistics Canada released a report today that showed 7,700 new jobs added in May, following gains of 58,200 and 82,300 jobs in April and March, respectively. The median forecast according to 23 economists surveyed by Bloomberg News had called for a rise of 5,000 new jobs. Canada’s jobless rate remained unchanged at 7.3 percent as expected.

Job growth was led by gains in manufacturing, education, and retailing and wholesaling. Conversely, construction employment declined by 27,000 in May, after strong demand for home construction boosted construction employment in April.

USDCAD 1-minute Chart: June 8, 2012

_Canada_Jobless_Rate_Unchanged_As_New_Jobs_Added_in_May_For_Third_Month__body_Picture_4.png, Canada Jobless Rate Unchanged As New Jobs Added in May For Third Month

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The loonie strengthened against the greenback in the minutes following data release. Earlier in the week, the Bank of Canada announced its decision to hold their benchmark rate at 1.00 percent, reiterating that removing monetary stimulus ‘may become appropriate’. The ongoing improvement in the labor market raises scope for a rate hike in the near term, boosting the appeal of the Canadian dollar. At the time of this report, the USDCAD pair was trading at C$1.0328.

--- Written by Tzu-Wen Chen, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.