Canada Unemployment Rate preview: consensus 6.5%, matching the previous reading
| Pair | Now | Since publish |
|---|---|---|
| USDCAD | — | — |
Canada’s Unemployment Rate is due on Friday, November 6 at 13:30 UTC, and carries a High impact rating. Consensus is 6.5%, the same as the previous reading of 6.5%. The market is therefore looking for no change in the headline rate, which means any deviation in either direction is what traders will be measuring the result against.
Historically this is a release that moves CAD pairs. Our price feed measured the 1-hour move after each release since 2015. On USDCAD the median move is 27 pips, and the top quarter of releases moved 44+ pips (123 releases). GBPCAD is the most active in our set, with a median of 34 pips and 57+ pips in the top quarter. EURCAD shows a median of 27 pips and 53+ pips in the top quarter. CADJPY has a median of 21 pips and 44+ pips in the top quarter. AUDCAD sits at 19 pips and 35+ pips, NZDCAD at 17 pips and 32+ pips, and CADCHF is the quietest at 14 pips and 25+ pips. These figures describe size only. We do not yet have enough live-captured releases with consensus to publish any directional statistics.
Recent prints have produced a wide range of USDCAD reactions. The October 9 release came in at 6.5% against a 6.3% forecast, and USDCAD moved +46 pips in the first hour. September 4 matched the forecast at 6.4%, with a move of +47 pips. August 7 printed 6.4% against 6.6%, followed by -54 pips. July 10 (6.5% vs 6.8%) and June 5 (6.6% vs 6.9%) saw small moves of +1.3 and +4.3 pips. May 8 matched its forecast at 6.9%, and USDCAD still moved +42 pips.