Economic data from Canada are generally disappointing today. Most importantly, employment contracted -1.8k in October, versus expectation of 14.7k growth. Unemployment rate was unchanged at 5.5%, matched expectations. Also released, building permits dropped -6.5% mom in September versus expectation of -1.9% mom. Housing starts dropped to 202k in October, below expectation of 220k.
USD/CAD finally resumes the rebound from 1.3042 by breaking 1.3208 temporary top. Further rise should now be seen to1.3347/3382 resistance zone next.
