According to Statistics Canada, the Employment Change, that is the number of people currently employed, increased by a meagre 0.1K in the last month of 2023, coming in short of initial estimates.

Additionally, the Unemployment Rate held steady at 5.8%, Average Hourly Wages rose at an annualized 5.7% and Full Time employed individuals shrank by 23.5K. Finally, Part Time Employment Change increased by 23.6K people and the Participation Rate receded a tad to 65.4% (from 65.6%)

Market reaction

USD/CAD rose to a new two-week high just below the 1.3400 mark, also boosted by the firmer-than-expected US Nonfarm Payrolls (+216K).