Canada: Net Change in Employment arrives at -62.6K in December vs. -27.5K expected

• Employment in Canada fell more than expected in December.
• USD/CAD pushes higher toward 1.2700 after the data.

Employment in Canada declined by 62,600 in December, compared to analysts' estimate of 27,500, and the Unemployment Rate ticked up to 8.6% from 8.5% in November as expected, Statistics Canada reported on Friday.

"As more provinces adapted their public health measures to slow the spread of COVID-19, total hours worked declined for the first time since April, falling 0.3% in December," the press release read. "The participation rate declined for the second month in a row in December, falling 0.2 percentage points to 64.9%."

Market reaction

With the initial reaction, the USD/CAD pair edged slightly higher and was last seen trading at 1.2688, where it was virtually unchanged on a daily basis.