Canada’s unemployment rate was unchanged in December as job creation came in close to market expectations following a surge in hiring during the previous month. On Friday, Statistics Canada noted that the Canadian economy added a net of 9,300 jobs in December on a seasonally adjusted basis.
The Bank of Canada is set to leave its policy rate on hold next week, after data Friday showed that wage growth was still slow and youth employment deteriorated. After the meeting on January 9th, attention is likely to focus on the extent to which the Bank of Canada acknowledges concerns over global growth, weak oil prices and financial market volatility in its statement. However, the Loonie rallied 1.7% versus the US dollar and 2.1% versus the Euro in the last 5 days.