Canadian dollar steadies after strong jobs data
The Canadian dollar held steadily against most of its peers on Friday following the release of strong jobs data.
The Canadian employment change reading for March showed that the economy has added 303.1K new jobs, beating forecasts of 101.5K jobs.
Canada's unemployment rate reading fell to 7.5%, beating forecasts of 8%, and better than the previous reading of 8.2%.
The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.
Countries around the world are intensifying their efforts to combat the Covid-19 pandemic with largescale vaccination campaigns.
As of 15:21 GMT, CAD/USD rose less than 0.1% to 0.7964, after hitting a high of 0.7975, and a low of 0.7929.
Canada's unemployment falls to 1-year low
At 12:30 GMT, the Canadian economy released the unemployment rate reading for March at 7.5%, the best pace since February 2020, beating forecasts of 8%, better than the previous reading of 8%. This data is positive for the Canadian dollar.
Canadian economy adds more jobs than expected in March
At 12:30 GMT, the Canadian economy released the employment change reading for March, which showed that the economy has added 303.1K new jobs, beating forecasts of 101.5K jobs, better than the previous reading of 259.2K jobs. This data is positive for the Canadian dollar.
US stocks open higher after upbeat economic data
The major US stock indices opened higher on Friday, amid continued optimism about the US economic recovery after the release of upbeat data.
The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.
Countries around the world are intensifying their efforts to combat the Covid-19 pandemic with largescale vaccination campaigns.
The IMF also estimated the US economy to grow to 6.4% in 2021 based on the Federal Reserve's forecasts.
Data showed that the US producer price index rose 1% in March, beating forecasts of a rise by 0.5%.
As for stocks, Dow Jones rose 0.3% or 120 points to 33,622 as of 13:38 GMT, Nasdaq fell 0.5% or 70 points to 13,761, and S&P 500 rose 0.1% or 2.5 points to 4,099.