BREAKING: USDCAD on the rise after a big disappointment in the employment figures!

The Canadian Labor Market Report for the month of May shows the following data:

Capacity utilization rate for Q1: Actual: 81.9%. Previous: 81.7%.

Change in average hourly wages of permanent employees year-on-year for the month of May: Actual: 5.1%. Previous: 5.20%.

Change in employment for the month of May: Actual: -17,300. Expected: 23,200; Previous: 41,400.

Unemployment rate for the month of May: Actual: 5.2%. Expected: 5.1%; Previous: 5.0%.

Change in full-time employment (seasonally adjusted) for the month of May: Actual: -32,700. Previous: -6,200.

Change in part-time employment (seasonally adjusted) for the month of May: Actual: 15,500. Previous: 47,600.

Rate of participation for the month of May: 65.5%. Previous: 65.6%.

Employment declined in business support, construction and other services in May. Source: StatCan.

The USDCAD pair reacted with a strong appreciation of the US dollar against the Canadian dollar. The data is very poor, leaving no room for similar action at upcoming Bank of Canada meetings, despite the 25 basis point rate hike that came as a surprise this week. Source: xStation5.

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