Canada employment grew 27.7k in May, well above expectation of -5.5k contraction. Unemployment dropped to 5.4%, well below expectation of 5.7%. That’s the lowest level since record began in 1976.
USD/CAD dives sharply after the release and breaks medium term channel support decisively. The development now suggests medium term bearish reversal and focus will be on 1.3068 support for confirmation.
