Canada: Unemployment Rate rises to 5.5% in July as expected; Employment drops by 6,400

• Unemployment Rate in Canada rose to 5.5% in July.
• Net Change in Employment: -6,400 vs 21,100 expected. 
• USD/CAD drops toward 1.3350 and then rebounds after Canada and US jobs reports. 

The data published by Statistics Canada revealed on Friday that the Unemployment Rate rose to 5.5% in July. This reading came in line with market expectation. The Participation Rate decreased from 65.7% to 65.6%. 

Further details of the publication revealed that the Net Change in Employment was negative by 6,400 worse than analysts' estimate of a 21,100 positive change and follows a 59,900 increase in June. The annual wage inflation arrive at  5% in July. 

Later on Friday, more Canadian data is due with the Ivey Purchasing Managers Index, expected to rise from 50.2 to 52.7 in July.