The Canadian dollar is up 0.6% this morning. Jobs reports both in Canada and the US confirm that the economic reopening is happening at a quicker pace than expected. Canada added 290,000 jobs where the consensus had been for a loss of 500,000 jobs. The reports have further fueled the already strong sentiment that a V-shaped recovery is in process and that is unambiguously good for currencies like the Canadian dollar which thrive in risk-on environments. Not surprisingly, the stock markets reacted to the news in the same way, trading up strongly. Commodities, including oil, are also up strongly this morning on the jobs news.
Account to Account