Canada March employment -2.2K versus +25K expected

• Prior was +40.7K

Details:

• Unemployment rate 6.1% vs 5.9% estimate
• Prior unemployment rate 5.8%.
• Full-time employment -0.7K vs +70.6K last month.
• Part-time employment -1.6K vs. -29.9K last month.
• Average hourly wages permanent employees 5.1% vs 4.9% last month (prior revised to 5.0%)
• Participation rate 65.3% versus 65.3% last month.

USD/CAD was trading at 1.3557 ahead of the data and is up to 1.3624 afterwards. That’s a good-sized move and the window is certainly opening for the Bank of Canada to cut rates before the Fed. Odds for June 5 are at 75% after the data compared to 68% beforehand.

This article was written by Adam Button at www.forexlive.com.