Details of the Canadian May jobs report:
- Prior reading was -19.7K
- Full time +30.9K vs -10.0K expected
- Part time +27.9K vs +40.0K expected
- Unemployment rate 6.8% vs 6.8% exp
- Participation rate 65.9% vs 65.8% exp
- Q1 labor productivity -0.1% q/q vs -0.2% exp
- No revisions to the prior (Canada rarely does)
Quick drop down to 1.2447 from 1.2500 but it nearly completely retraced to 1.2500 as the US dollar jumps right across the board on better non-farm payrolls. There may be some value in buying CAD on the crosses here.
