Canada: ADP Employment Change surges to 208.4K in May vs. -280.3K expected

• ADP Employment Change in Canada rebounds sharply in May.
• USD/CAD pair stays flat on the day above mid-1.3500s after the data.

Employment in Canada increased by 208,400 from April to May, the monthly data published by the ADP Research Institue revealed on Thursday. This reading followed April's sharp decline of 226,700 and beat the market expectation for a decrease of 280,300 by a wide margin.

Market reaction

The CAD failed to take advantage of this data. As of writing, the USD/CAD pair was trading at 1.3565, where it was virtually unchanged on a daily basis.