Canada: Unemployment Rate edged lower to 5.5% in January vs. 5.6% expected

• Unemployment Rate in Canada fell to 5.5% in January.
• USD/CAD lost its traction after the data and dropped to 1.3280 area. 

The data published by Statistics Canada on Friday showed that the Unemployment Rate in Canada fell to 5.5% in January from 5.6% in December to beat the market expectation of 5.6%.

"The additional employment in January contributed to gains totalling 268,000 (+1.4%) since January 2019," Statistics Canada noted in its press release. "All of this increase was the result of growth in full-time employment. Over the same period, total hours worked increased 0.5%."

USD/CAD slides after the data

With the initial market reaction, the USD/CAD pair erased more than 30 pips in a matter of minutes and was last down 0.03% on the day at 1.3281.