Canada Unemployment Rate holds steady at 5.5% in September vs. 5.6% expected

• 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%. The Net Change in Employment arrived at +63,800 following an increase of 39,900 in August, and above expectations of 20,000.

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.