• Canada Unemployment Rate holds steady at 5.5% in September. 
• Employment increases by 63,800, above expectations of 20,000. 
• USD/CAD remains hovering around 1.3720, modestly higher for the day.

The Unemployment Rate in Canada held steady at 5.5% in September, Statistics Canada reported on Friday, better than the market consensus of a modest increase to 5.6%. Employment rose by 63,800 following an increase of 39,900 in August, and above expectations of 20,000.

"Employment growth in September was concentrated in part-time work, which rose by 48,000 (+1.3%). Since the beginning of the year, growth in part-time work (+1.9%) has outpaced growth in full-time work (+1.0%)," informed Statistics Canada. 

Further details of the publication revealed that on a year-over-year basis, average hourly wages rose 5.0% in September, following an increase of 4.9% in August.

Market reaction

The USD/CAD rose after the release of employment reports in the US and Canada, and then pulled back toward 1.3730. While the Loonie outperformed after the data, it was offset by a stronger US Dollar on the back of US data.