Canada: Unemployment Rate rises to 8.1% in April vs. 7.8% expected

• Unemployment Rate in Canada climbed above 8% in April. 
• USD/CAD clings to modest daily gains above 1.2160.

The Unemployment Rate in Canada rose to 8.1% in April from 7.5% in March with the Net Change in Employment declining by 207,000, the data published by Statistics Canada revealed on Friday. This reading came in worse than the market expectation of 7.8%.

"Total hours worked fell 2.7% in April, driven by declines in educational services, accommodation and food services, as well as retail trade," the publication read. "The number of Canadians unemployed for 27 weeks or more increased to 486,000."

Market reaction

Despite the disappointing jobs report, the USD/CAD pair edged lower amid broad-based USD weakness and was last seen posting small daily gains at 1.2165.