Canadian dollar rallies the most since March as jobs surge clips rate cut bets GlobeBusiness
The Canadian dollar strengthened to a nine-day high against its U.S. counterpart on Friday, as investors slashed bets for an interest rate cut this year from the Bank of Canada after domestic data showing a record jobs gain.
Chances of an interest rate cut by December fell to less than 30 per cent from about 40 per cent before the jobs report, the overnight index swaps market indicated.At 9:16 a.m., the Canadian dollar was trading 0.6 per cent higher at 1.3392 to the greenback, or 74.67 U.S. cents, its biggest gain since March 29. The currency touched its strongest intraday level since May 1 at 1.3384.
Canada runs a current account deficit and exports many commodities, including oil, so its economy could be hurt by a slowdown in the global flow of capital or trade.Separate domestic data showed the value of Canadian building permits rose 2.1 per cent in March, driven higher by construction plans in the four Western provinces, after falling a revised 5.1 per cent in February.
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