The Canadian dollar has surged to 90.45 cents as the may jobless report shows that the unemployment rate has done down to 6.1%, which is the lowest point since December 1974.
The Canadian economy aquired 97,000 jobs in May which helped push down unemployment.
The dollar took off on the feeling that the positive employment news could support tighter interest rates in the months to come, BMO Nesbitt Burns economist Douglas Porter said in a research note.
"With U.S. growth clearly losing momentum and equity markets stumbling, the bank is likely to stay on hold for the next meeting in July, but the drum-tight labour market will keep their tightening bias very much intact and a post-Labour Day tightening is now a distinct possibility", BMO Nesbitt Burns economist Douglas Porter said.
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