Canada: Unemployment Rate edges lower to 8.9% in October vs. 8.8% expected

• Unemployment Rate in Canada fell modestly in October.
• USD/CAD retreated to 1.3050 area after the data. 

Net Change in Employment in Canada rose by 83,600 in October, compared to analysts' estimate of 100,000, and brought the Unemployment Rate down to 8.9% from 9% in September, Statistics Canada reported on Friday. This reading missed the market expectation of 8.8% by a small margin.

Further details of the publication revealed that the Participation Rate improved to 65.2% from 65%.

Market reaction

The USD/CAD pair edged lower with the initial reaction and was last seen trading flat on the day at 1.3050.