Canadian dollar's outlook boosted by 'gleaming' jobs report; CAD seen surging on FX market place

The Canadian dollar (Currency:CAD) is looking supreme on the global foreign exchange space in mid-afternoon in London.

The pound / Canadian dollar exchange rate is 1.28 pct in the red at 1.5812.
The euro / Canadian dollar rate is 0.96 pct lower at 1.3469.
The US dollar / Canadian dollar exchange rate is 0.6 pct lower at 1.0200.

Note that the above quotes are taken from the wholesale markets, your bank will affix their own discretionary spread. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering you more currency. Please learn more here.

"Canada’s economy finally came out of hibernation last month, pumping out a whopping 95,000 new jobs — the vast majority full-time — in the biggest month of employment growth in more than a decade," reports the Canadian Press - aptly summing up why CAD is on the offensive.

Today's data shifts the outlook firmly in favour of the Canadian dollar

The outlook for the Canadian dollar has shifted up a gear owing to today's data.

Kathy Lien at BK Asset Management says:

"Canadian job growth was very strong. Canada added 95k jobs last month, the largest amount ever, sending the Canadian dollar sharply higher.

"To put this into perspective this would be akin to 900K jobs created in the U.S. economy if we adjusted for the population. Unlike the U.S., the unemployment rate also declined and the labor participation rate increased.  

"For the Bank of Canada, who has a new central bank governor, the latest employment numbers will keep monetary policy steady and their bias on raising rates.  

"Compared to the rest of the world, Canada's economy is a shining star that will attract demand for the loonie.  While the rally in the CAD against the USD is limited, the Canadian dollar hit a 2 year high against the Australian dollar on the back of today's employment report."