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Canada: Extremely Strong Jobs Report

DATA REACT
  • The Canadian employment report was extremely strong in February, with the unemployment rate dropping 1pt to 5.5% (consensus -0.3pts to 6.2%) despite a 0.4pt increase in participation rate to 65.4%.
  • The huge +337k rise in employment after last month's -200k was driven by part-time but full-time still more than makes up for the slide in January on Omicron hit (+121.5k after -82.7k).
  • Wages also stronger than expected, rising from 2.4% to 3.3% (cons 2.7%) whilst in a separate release, capacity utilisation in Q4 was also much higher than expected as it increased 1.5pts to 82.9% (consensus 81.9%) to pre-pandemic levels.
  • USDCAD has continued to move lower after the initial 20pip drop and sits at 1.2718, towards the low end of the post-invasion range. Some market participants will look at 1.2700 next, but better is seen towards 1.2686 (Mar 7 low). Beyond that, next firm support is seen at 1.2587 (Mar 3 low).
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