USD/CAD: US Dollar falls after labor market data flood North America

The US Dollar is trading down 0.4% at C$1.2760 level after the US labor department data showed 261K of new jobs added in the US Economy in October, down from 310K expected while the unemployment rate dropped to 4.1% and the average hourly earnings rose 2.4% y/y compared to % in September.

At the same time, Statistics Canada said the employment rose 35K, above market expectations in October with the unemployment rate ticking up to 6.3%.

While the US economy recorded labor market features below expectations, with average hourly earnings and total number of new jobs created falling short of expectations, the Canadian employment rose above expectations, supporting CAD strongly.