Friday May 9, 01:05 PM
Forex - Canadian dollar strengthens on employment gain UPDATE
(Adds analysts' comments)
LONDON (Thomson Financial) - The Canadian dollar strengthened after employment data showed a bigger-than-expected gain in April, despite a rise in the unemployment rate.
Employment in Canada rose by 19,000 people, similar to the increase seen in March, and well above Thomson IFR Markets' consensus forecast for a 5,000 gain.
However, the unemployment rate nudged up to 6.1 percent from 6.0 percent in March.
'So far, Canadian employment has held up amazingly well,' said James Vola, an analyst at Thomson IFR Markets.
'The expectation had been that a slowdown in the U.S. would hurt Canada, but as of yet that has not shown up in the job market, barring manufacturing,' said Vola.
Following the data, the Canadian dollar briefly hit a day high of 1.0042 per U.S. dollar before settling at around 1.0080, from 1.0085 prior to the release.
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