Statistics Canada reported Canadian employment rose 75,100 in July against a consensus estimate of roughly 17,800, a beat of more than four times the expected size. The US Bureau of Labor Statistics reported a loss of 23,000 jobs the same morning against a forecast gain of 83,000. USD/CAD fell 0.53% to its lowest level since June on the divergence, while the five-year Government of Canada bond yield, the rate that actually prices a mortgage renewal, moved far less than the currency reaction implied.
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