CAD gets stronger as the Canadian Employment report numbers exceed the expectations

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.2550-1.2650

Euro                 1.4900-1.5000

Sterling            1.7300-1.7400

The US Dollar Index is marginally higher this morning but remains near two-week lows as yesterday's jobless claims report came in slightly higher than expectation and markets are now accepting that the Federal Reserve will not change their policy stance until they see sustained growth in the US economy.

USD.CAD had a quiet overnight session and opens the day at the 1.2575 (0.7952) level which is down a little from yesterday's high but still trades in narrow ranges. We get the Canadian Employment report for March this morning so I would expect that we will see same movement in the trading pattern.

Consensus for Canadian March change in Employment is for 100k new jobs that have been created last month.

Post report reaction

The Actual number shows that 301K new jobs were created last month which is much higher than expectation. At the moment the Canadian Dollar is getting a little stronger with USD.CAD falling to trade at the 1.2550 (7968) level.