‘We are ⁠likely past peak pessimism’: Canadian dollar heads for first weekly gain in six weeks after jobs beat

The Canadian dollar strengthened to a three-week high versus the U.S. dollar after domestic jobs data showed the economy added more jobs than expected last month. The upside labor surprise reduced concerns about the growth outlook, supporting CAD sentiment and likely expectations for relatively firmer rates.

Analysis

The Canadian dollar strengthened to a three-week high versus the U.S. dollar after domestic jobs data showed the economy added more jobs than expected last month. The upside labor surprise reduced concerns about the growth outlook, supporting CAD sentiment and likely expectations for relatively firmer rates.