Canadian dollar rallies on jobs surge as bets slashed on Bank of Canada rate cut GlobeBusiness
The Canadian dollar strengthened against its U.S. counterpart on Friday, as investors slashed bets on an interest-rate cut this year by the Bank of Canada after domestic data showing a surprise jump in jobs in February.
Chances of an interest-rate cut by December, which had climbed this week on a more dovish tone from the Bank of Canada, fell to 20 per cent from nearly 40 per cent before the data, the overnight index swaps market indicated.“I think if you look at this big picture it is an argument for the Bank of Canada to remain on the sidelines in the near term, rather than one for them to consider eases,” said Andrew Kelvin, senior rates strategist at TD Securities.
At 9:31 a.m. , the Canadian dollar was trading 0.3 per cent higher at 1.3419 to the greenback, or 74.52 U.S. cents. The currency, which touched on Thursday its weakest in more than two months at 1.3467, traded in a range of 1.3391 to 1.3466.
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