Canada: Unemployment rate dropped to 5.5% in September vs. 5.7% expected

The data published by Statistics Canada on Friday showed that the unemployment rate in Canada fell to 5.5% in September from 5.7% in August and beat the market expectation of 5.7%. The total number of employed rose 53,700 in September to surpass analysts' estimate of +10,000 by a wide margin. 

Further details of the report revealed that the participation rate ticked down to 65.7%.

With the initial market reaction, the USD/CAD pair fell sharply and was last seen trading at 1.3240, losing 0.37% on the day.