Canada Dollar Surges Most in 3 Weeks After Hiring Tops Estimates
- Loonie rallies by 1 percent as 40,600 jobs added last month
- Jump takes Bank of Canada interest rate cut off table for now
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Canada’s dollar surged the most in three weeks after employers added more jobs in March than economists forecast, fanning speculation the Bank of Canada will refrain from cutting interest rates further.
The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, gained 1.2 percent to C$1.2988 per U.S. dollar at 5 p.m. in Toronto after Statistics Canada reported that employment increased by 40,600 in March after falling 2,300 the previous month. The job gain exceeded all 21 economist forecasts in a Bloomberg News survey with a median estimate of 10,000 new posts. One loonie buys about 77 U.S. cents.