I am too tied up to write something longer on it now, but the Canadian Labour Force Survey for December was a disaster. Loss of 46k jobs, Unemployment Rate up 0.3% to 7.2% (link).
These data are noisy, so I would not read too much into the results for one month. But is is clear that the Unemployment Rate is hitting a wall at 7% (unlike the U.S.), and this will keep the Bank of Canada on the sidelines for some time. The Canadian dollar is finally weakening, so it appears that "financial conditions" are loosening via the currency.