Canada's Unemployment Rate drops to 6.4% in July
Statistics Canada reported on Friday that the Unemployment Rate decreased to 6.4% in July, below what markets were expecting.
Statistics Canada reported on Friday that the Canadian unemployment rate decreased to 6.4% in July, falling below market expectations. The net change in employment saw a 75.1K job increase, adding to the 18.2K gain from the previous month. The participation rate rose slightly to 65.1%, while wages grew at a 3.0% annual pace, down from June's 3.7% annual gain.
Following the release, the Canadian Dollar regained strength, prompting the USD/CAD pair to break below the psychological 1.4000 level for the first time since mid-June.
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