Canadian Employment Falls by 129K, Unemployment 7.2%

Canadian employment numbers for January just out on the wire show a fall of 129K Vs -40K forecast (-20.4k previously) with unemployment rising from 6.6% to 7.2 %.

Full time -113,900 Part time -15,100.

USDCAD has rallied on the worse than expected data from 1.2420 to 1.2485 and looking like heading higher.