The Canadian economy added 303,000 jobs in March, well ahead of expectations for 100,000 jobs. Altogether, the total jobs number in Canada is now only 300,000 short of the pre-pandemic levels. While the jobs numbers are good news, they do not really add much to our understanding of the economic picture as it has now been well established for weeks that the economic recovery is in full swing in both the US and Canada. The Canadian dollar reacted to the news by gaining 0.3% against its US counterpart. But the move offset earlier broad gains earlier in the morning by the US dollar so that the USD to CAD exchange rate is now unchanged from yesterday. Stocks continue to push into further record levels while oil is flat this morning.
