Canadian Dollar Rallies on Labor Report
May 9, 2008
Canada saw 19.2k jobs added to the workforce during the month of April a significant improvement over March’s release. Despite the headline figure looking positive for Canada, the breakdown of the job creation did not look as promising. The majority of jobs created were seen in the accommodation, construction and the food sector, while 14.9k jobs were lost in manufacturing. The manufacturing sector has now shed 111.5k jobs year to date. Leading up to and following the labor report the Canadian dollar rose 1.17% against the U.S. dollar.