• Employment in Canada grew at a much stronger pace than expected in October.
• USDCAD trades deep in negative territory below 1.3550.

The Unemployment Rate in Canada remained unchanged at 5.2% in October, the data published by Statistics Canada revealed on Friday.

Net Change in Employment arrived at +108.3K, surpassing the market expectation of 10K by a wide margin. Additionally, the Participation Rate improved to 64.9% from 64.7.

"Year-over-year growth in the average hourly wages of employees remained above 5% for a fifth consecutive month in October, rising 5.6% (+$1.68 to $31.94) compared with October 2021 (not seasonally adjusted)," Statistics Canada further noted in its press release.

Market reaction

USDCAD declined sharply with the initial reaction and was last seen trading at 1.3544, where it was down 1.5% on a daily basis.