Canada employment change 8.2K versus -5.0 K estimate

Canada's December employment statistics reveal a rise of 8.2K jobs, exceeding the estimated decline of -5.0K. The unemployment rate rose to 6.8%, slightly above estimates, reflecting an increase in labor force participation rather than significant job losses. Full-time employment increased by 50.2K while part-time employment declined by 42.0K. Overall, these figures suggest a cooling labor market despite some resilience in full-time job creation. Following the report, USDCAD initially spiked to a session high of 1.3888 but quickly reversed course and is currently trading around 1.3866. The rally faced resistance at swing levels between 1.3884 and 1.3896, close to the 100-day moving average at 1.3902. A sustained move below the 4-hour 200-bar moving average at 1.38465 and the 200-day moving average at 1.3837 could signal increased downside momentum.