Canada's economy added nearly four times the number of jobs forecasted for December and reached its highest number in almost two years, shrinking bets for a rate cut later this month though one is still expected by the majority of economists.

Canada’s labour market added a net 90,900 jobs in December, blowing past analyst expectations, while the unemployment rate ticked down to 6.7 per cent, according to Statistics Canada data released on Friday.

The December jobs report from the Labor Department is expected to show slower growth before President-elect Donald Trump takes office.