Canadian economy likely added jobs in October, jobless rate to have remained at 6.2 pct

The Canadian economy is expected to have added jobs in October. According to a TD Economics research report the economy is likely to have added 15k jobs though the details might be more encouraging than the headline print. After rising to a 15-month high in September, there is more room for wage growth to rise in October because of a combination of favorable base-effects and the continued erosion of labor market slack.

Canada’s jobless rate is expected to remain at the current cycle low of 6.2 percent but the risks lean towards an additional improvement to 6.1 percent. In the meantime, the composition of job growth would possibly be tilted towards services and private employment after an outsized gain in public sector employment last month, stated TD Economics.

The full/part-time split is expected to favor the later given the underperformance in 2017, but the outsized swings are expected to be in the past after the 100k swings in the last two reports.

At 20:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was neutral at 10.3492, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at -21.8554. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest