Canada Unemployment Rate Rises to 6.7% as Private Sector Sheds 53,000 Jobs

Canada's unemployment rate climbed to 6.7% in October, exceeding forecasts of 6.5%, while overall employment contracted by 4,700 positions. The labour market showed underlying weakness as private-sector employment dropped by 53,000 in its first contraction since February, partially offset by a 50,000 increase in public-sector roles. Wholesale and retail trade led losses with a 29,000 decline, while wage growth slowed to 2.2%. Following prior contractions of 68,000 jobs in September and 42,000 in August, the weak data dampened Bank of Canada rate hike pressures and pushed USDCAD past 1.40828 resistance toward 1.4110.