• Unemployment Rate in Canada continued to decline in October.
• USD/CAD erases earlier gains, trades around mid-1.2400s.

The Unemployment Rate in Canada edged lower to 6.7% in October from 6.9% in September, the data published by Statistics Canada showed on Friday.

Net Change in Employment arrived at +31.2K in the same period, beating the market expectation of 19.3K. 

Further details of the report revealed that the Participation Rate edged lower to 65.3% from 65.5% in the same period and the Average Hourly Wages rose by 2.1% on a yearly basis.

Market reaction

The USD/CAD pair edged lower from the multi-week high it set at 1.2479 and was last seen trading flat on the day at 1.2454.