Canada: Unemployment Rate in November falls to 8.5% vs. 8.9% expected

• Unemployment Rate in Canada fell to 8.5% in November.
• Upbeat jobs report helps CAD to continue to gather strength against the USD. 

The Unemployment Rate in Canada declined to 8.5% in November from 8.9% in October, the data published by Statistics Canada showed on Friday. This reading beat analysts' estimate of 8.9%.

Underlying details of the report revealed that the Net Change in Employment was +62,000, compared to analysts' estimate of +20,000. Furthermore, the Participation Rate ticked lower to 65.1% from 65.2% in October.

"From May to September, employment grew by an average of 2.7% per month," Statistics Canada further noted in its press release.

Market reaction

The USD/CAD pair fell sharply with the initial reaction and was last seen trading at its lowest level since October 2018 at 1.2828, losing 0.27% on a daily basis.