Full-time employment fell by 6,200 jobs but B.C. ended the year with a 4.6% unemployment rate - the lowest among all provinces and a year-over-year decline of 1.2 percentage points - after adding a total of 83,000 jobs throughout 2017. You're either data-dependant or you're not.
Advertisment The Canadian economy added 79,000 jobs in December, ahead of analysts' expectations and lowering the country's unemployment rate to 5.7%, its lowest level since 1976.
The numbers are based on a three-month rolling average and do not separate full-time from part-time employment.
"The market has got very excited about the potential for a January rate hike", said Amo Sahota, director at Klarity FX in San Francisco.
Nationally, unemployment came in at 5.7 per cent, its lowest rate in almost a decade. Meanwhile, Canada's trade deficit in November widened to C$2.54 billion.
Employment rates in the region saw a slight decrease to 72 per cent compared to 72.4 per cent in November.
"It's very strong data". Continuation of the loonie's uptrend may see it challenging resistance around the 1.47 region. At this time previous year, employment was at 69.4 per cent. "But on the whole it looks like a very positive report".
The Canadian dollar is likely to weaken over the coming months, a Reuters poll showed, as the Bank of Canada falls further behind the Federal Reserve on interest rate hikes due to an uncertain outlook for NAFTA and tighter domestic mortgage rules. But analysts say the central bank is likely to wait for some uncertainties to clear before raising rates. "The Canadian dollar's going to strengthen".
At 4 p.m. EST, the Canadian dollar was trading at $1.2412 to the greenback, or 80.57 US cents, up 0.6 per cent.
The outcome is important to Canada, which sends about 75 percent of its exports to the United States.
That's the lowest unemployment rate in the Montreal census metropolitan area since at least January 2001.
"I'm not sure whether we'll change our view (from March) at this point. But the jobs number has shifted the odds much higher".
IShares GNMA Bond (GNMA) Rises 0.04% for Jan 13
Taking a peek at some Moving Averages, the 200-day is at 18.88, the 50-day is 18.81, and the 7-day is sitting at 18.75. A value of 50-75 would identify a very strong trend, and a value of 75-100 would lead to an extremely strong trend.