Canadian Dollar Rallies After Record Jobs Data

(Reuters)

Canada’s dollar shot up one U.S. cent on Friday after a stronger-than-expected jobs report showed a record number of Canadians returned to work in April, adding pressure on the Bank of Canada to raise rates soon.

The currency firmed to a session high of C$1.0338 to the U.S. dollar, or 96.73 U.S. cents, from about C$1.0448, or 95.71 U.S. cents just before the data’s release.

Statistics Canada on Friday said the economy added 108,700 jobs in the month, the highest since Statscan began tracking the data in 1976 and exceeding even the most upbeat estimate in a Reuters poll which yielded a median forecast of 25,000 new jobs. Read more here.