CANADA FX DEBT-C$ strongest since mid-May on robust jobs data

Fri Jun 7, 2013 9:19am EDT
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* C$ hits C$1.0166 vs US$, or 98.37 U.S. cents

* Canadian jobs number pushes C$ to strongest in 3 weeks

* Government debt yields spike

By Alastair Sharp

TORONTO, June 7 (Reuters) - The Canadian dollar hit its strongest level against the U.S. dollar since mid-May on Friday after data showed the Canadian economy added a robust 95,000 jobs last month.

The stellar performance beat market expectations for a 15,000 gain and was the largest monthly addition of new jobs in 11 years.

The more globally significant U.S. non-farm payrolls report released at the same time showed modest growth roughly in line with market expectations.

"It's tough to imagine a better combination for the Canadian dollar. You've got a U.S. economy that's still growing relatively healthily, not as well as everybody would hope for, but a decent U.S. number and a spectacular Canadian number," said Doug Porter, chief economist at BMO Capital Markets.

"It really doesn't get any better than that for the Canadian dollar," he said.   Continued...