Canadian Dollar Has Biggest Gain Since 2011 on Surge in Jobs
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Canada’s dollar posted the biggest gain against its U.S. peer in a year and a half as the economy added the most jobs in a decade in May and the unemployment rate declined.
The currency climbed to a three-week high versus the greenback as new Bank of Canada Governor Stephen Poloz reiterated his predecessor’s view that interest rates will rise as the economy grows. U.S. reports showing the jobless rate climbing even as payrolls grew offered mixed signals as the Federal Reserve considers tapering asset purchases. The Bank of Canada releases next week its semi-annual Financial System Review, which previously cited mounting consumer debt as the greatest risk.