According to Jinshi.com, Doug Porter, chief economist of Bank of Montreal Capital Markets, said that after the release of Canada's August employment data, the possibility of the Bank of Canada further cutting interest rates by 50 basis points is increasing.

Despite the increase in jobs, hours worked fell 0.1% in August, likely reflecting the fact that the new jobs were concentrated in part-time areas. Also, the unemployment rate rose to 6.6% from 6.4% as hiring failed to keep up with a rapidly growing population.

"The overall message from this report is that slack in the labor market is growing," Porter said, warning that the unemployment rate could reach and exceed the 7% threshold sooner than expected.