Release Explanation: The release measures the number of jobs created, or the percentage of employed/unemployed in the labor market. A currency will strengthen or weaken in-line with the other releases that the Employment Data influences, rather than just as a one-off knee-jerk reaction to these numbers printing.
Trade Desk Thoughts: Employment in Canada plunged again in February, by 82.6K, much more than expected. The unemployment rate rose to 7.7% in February, also much higher than market expectations. Since October, employment has fallen by 295,000 (-1.7%).
All of the employment losses in February were in full-time (-111,000), while part-time employment edged up slightly. Employment decreased by 43,000 in construction, the second large decline in three months, by 31,000 in professional, scientific and technical services and by 15,000 in educational services. However, Canadian employment rose by 25,000 in manufacturing, with the largest gain in food products manufacturing.
Forex Technical Reaction: The cad rose 30 pips immediately following the release. Currently, the pair is trading near the Asian open price, despite testing TheLFB S1 (1.2725) earlier.