The Canadian dollar raced higher on Friday amid a pair of jobs reports that proved surprisingly damaging for the greenback ahead of the Group of Seven finance ministers meeting this weekend.
Bonds jumped as the US jobs figures disappointed high expectations.
The currency fell as low as C$1.3407 immediately after the Canadian jobs report, but rebounded as the US jobs figures put pressure on the US dollar.
At 10:20 am, the Canadian dollar was at C$1.3282 to the US dollar, or 75.29 US cents, little changed from C$1.3384 to the US dollar or 74.72 US cents, at Thursday's close.
"The numbers were good. If you take a look at the US numbers and the Canada numbers, they were certainly not negative enough to cause the US dollar as much grief as they've caused," said Jack Spitz, director of foreign exchange at National Bank of Canada. "Its just market expectations, especially on the revision, were so much higher than what was delivered and the (US) dollar has been a sell."
The greenback was punished after US non-farm payrolls fell below exceptions, giving a boost to the Canadian dollar.
There were 112,000 jobs created, compared with a revised increase of 16,000 jobs in December.
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