Loonie at 74.78 U.S. cents
strengthened to a two-week high against its U.S. counterpart on Friday, as investors dialed back bets for interest rate cuts by the Bank of Canada in the coming months following stronger-than-expected domestic jobs data.
The Canadian economy gained 41,400 jobs in April, exceeding expectations for an increase of 20,000, while the jobless rate stayed near a record low.“It smashed expectations and pointed to resilience in the underlying economy, and will almost certainly narrow interest rate differentials against the U.S. on the front of the curve by lowering the likelihood of rate cuts by the Bank of Canada and pushing those into 2024 at the earliest.
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