Canada: ADP Employment decreases by 294,200 in June

• ADP Employment Change in Canada arrived at -294.2K in June.
• USD/CAD preserves bullish momentum after the data, rises toward 1.2550.

Private sector employment in Canada decreased by 294,200 jobs from May to June, the ADP Research Institute revealed in its monthly report on Thursday. This reading followed the previous print of -318,700 (revised from 101,600).

Commenting on the data, "in June, the labour market reported a decrease in jobs, marking the second straight month of declines," said Nela Richardson, chief economist, ADP. "While manufacturing and construction recorded gains, the service sector took on the majority of job losses, primarily in industries heavily affected by COVID-19 related restrictions."

Market reaction

The USD/CAD pair continues to push higher after this report and was last seen rising 0.32% on the day at 1.2545.