Investing.com – Canadian unemployment unexpectedly rose to a 3-year high in February, according to official data released on Friday.
Specifically, the Statistics Canada report showed that the Canadian unemployment rate rose in February to 7.3%, surprising analysts who had expected the jobless rate to remain stable at 7.2%.
The Canadian economy destroyed 2,300 jobs last month, compared to the consensus estimate for the creation of 9,000 posts and after the destruction of 5,700 jobs in January.
The participation rate did remain stable at 65.9%, in lines with expectations.
The looney traded down after the release. USD/CAD traded at 1.3303, compared to 1.3250 prior to the data.