Loonie rises on upbeat jobs data

The Canadian dollar rose on Friday, after the release of better than expected jobs data in both Canada and the US.

Data showed today that the Canadian economy has added 289.6 thousand jobs in May, beating forecasts of a drop by half a million jobs, following the loss of 2 million jobs in April.

While the Canadian unemployment rate rose to 13.7% in May vs. 13% in April, but also came lower than forecasts of 15%.

This came in tandem with the US monthly jobs report, which also exceeded market's forecasts.

The US Department of Labor revealed that the US has added more than 2.5 million new jobs in May, the largest monthly increase of all-time, beating forecasts of losing 7.7 million jobs, and the unemployment rate also fell unexpectedly to 13.3% in May vs. 14.7% in April, and lower than forecasts of 19%.

As of 15:34 GMT, CAD/USD rose 0.7% to 0.7458, after the pair hit a high of 0.7468, and a low of 0.7399.