The unemployment rate in Canada declined to 8.4% in September from 8.7% in August, amid economists’ expectations for a gain of 8.8%, as new hires expanded by 30,600. The data reinforces an improved outlook for the world’s 8th largest economy as BOC anticipates the export driven nation will emerge from its current downturn. The breakdown of the report showed a surge in full-time jobs by 91.6K versus lasts month decline of 3.5K. Employer’s commitment to long term hires is a sign of improved outlook for future growth. In the currency markets, Investors reacted right away to the data as USDCAD plunged to a fresh yearly low and looks to continue that pattern as it recently broke the channel support. Looking forward, the BOC will likely keep interests rates at its current level but will continue monitoring the economy, with the intentions to tighten monetary policy if inflationary fears cultivate.