Previewing the upcoming jobs report from Canada, analysts at TD Securities said that they expect employment to rise by 8,000 in December with the labour market starting to cool down.

Wages to push higher to 5.5% y/y

"This should push the unemployment rate back to 5.2%, although we expect full-time employment to drive the headline print amid scarce labour supply."

"We also look for wages to push higher to 5.5% y/y with help from muted base effects, while hours worked should see a modest increase."