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Canada Employment Report Preview (Jul 2024)
The update to Canada’s Employment report showed a 1.4K contract in June versus forecasts for a 22.5K rise, while the jobless rate widened to 6.4% from 6.2% during the same period. A deeper look at the report showed ‘there were 1.4 million unemployed people in June 2024, an increase of 42,000 (+3.1%) from the previous month,’ while Average Hourly Wages climbed to 5.6% From 5.2% in May. The initial reaction to Canada’s employment report was rather limited as USD/CAD was little changed following the release. Nevertheless, USD/CAD trade higher during the session to close the day at 1.3653. Looking ahead, Canada ... (full story)