After the data, the USD/CAD is projected to decline further below 1.2500, as the unemployment rate in Canada fell to 7.8 percent in June, compared to 7.7 percent in May.
According to the most recent data released by Statistics Canada on Friday, the Canadian economy added 230,700 jobs in June, compared to 68,000 job losses reported in May and estimates of +195,000.
Meanwhile, Canada’s unemployment rate fell to 7.8% in June from 8.2% in May, falling short of expectations of 7.7%.
Canada Full-time employment fell by 33.2k in June, while part-time employment increased by 263.9k.
In June, 65.2 percent of Canadians participated, compared to 64.6 percent in May.
Permanent employee hourly wages in Canada increased by 0.1 percent YoY in June, compared to -1.4 percent in May.
In June, the products industry in Canada lost 48,600 jobs, while the services sector added 278.6 thousand.
On a larger-than-expected increase in employment gains last month, the USD/CAD pair fell to a daily low of 1.2470.
The pair is currently trading at 1.2476, down 0.45 percent on the day./n
