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.
