Canada Unemployment Rate rises to 6.8% in November vs. 6.6% expected

• Unemployment Rate in Canada rose at a faster pace than expected in November.
• USD/CAD trades in positive territory near 1.4100 after the data.

The Unemployment Rate in Canada rose to 6.8% in November from 6.5% in October, Statistics Canada reported on Friday. This reading came in above the market expectation of 6.6%.

Other details of the data showed that Net Change in Employment was +50.5K in this period, compared to the market expectation of 25K. Additionally, the participation rate rose to 65.1% from 64.8%, while the Average Hourly Wages rose by 3.9% on a yearly basis.

Market reaction

USD/CAD gained traction following this data and was last seen rising 0.5% on the day at 1.4090.