Today’s jobs report showed the Canadian economy added 10 ,000 jobs in December, well above the 5,000 consensus. This follows a strong November CPI report and the OIS market is pricing in a 72% chance of a 25 bps increase at the January 25 meeting. CIBC raised its call by 25 bps after the data. „Canada’s labor market is much stronger than expected and (so far) appears to be resilient to rapidly rising interest rates. While strong employment reflects at least in part that businesses must compensate for increased absenteeism, the unemployment rate has fallen to near record lows. , the Bank of Canada predicts for the last 25-basis increase in a meeting later this month. They are a little confused by the report of a 35,000 job gain in the construction sector, which will undoubtedly suffer the decline in housing. Also, working hours increased by only 0.1, despite the increase in the number of jobs. USD/CAD is down 89 pips to 1.3 33 today, although this is only about half the gains for NZD and AUD.