Canada: Employment decreased by 71.2K in November vs. +10.0K expected

• Unemployment in Canada jumped to 5.9% from 5.5% in October.
• Net Change in Employment missed market estimates by a big margin.
• USD/CAD pushed higher above the 1.32 mark with the initial reaction.

The data published by Statistics Canada this Friday revealed that the total number of employed people decreased by 71.2K in November as compared to -1.8K fall recorded in the previous month and missed market expectations by a wide margin.

This along with upbeat US monthly employment details (NFP) prompted some aggressive short-covering move around the USD/CAD pair, which rallied nearly 80 pips and was last seen trading just below mid-1.3200s.