CANADA FX DEBT-C$ powers to 3-week high on robust jobs data

Fri Jun 7, 2013 4:39pm EDT
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* C$ hits C$1.0198 vs US$, or 98.06 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.

"Eighty percent was full-time status, which is certainly encouraging. There is an element of skepticism with such a stellar number, that it could be revised lower over the next couple of months," said Gareth Sylvester, director at Klarity FX in San Francisco.

"We do take it with a pinch of salt, but certainly the FX markets ran with it and we saw USD/CAD immediately push higher."

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