Canada added a net 336,600 jobs in February, beating expectations, and the unemployment rate fell to 5.5%, Statistics Canada data showed on Friday, as businesses reopened from restrictions aimed at curbing an Omicron driven wave of COVID-19 infections.

The unemployment rate fell below pre-pandemic level for the first time and was the lowest since 5.4% recorded in May 2019.

Analysts surveyed by Reuters had predicted a gain of 160,000 jobs and for the unemployment rate to drop to 6.2%.

Full-time employment rose by 121,500, while 215,100 part-time jobs were added.

The blockbuster gain comes as the Bank of Canada is widely expected to go ahead with second rate hike at its next meeting in April. Money markets see a 70% chance of an quarter point increase to 0.5%, with 30% betting on a 50-basis-point move.

The Canadian dollar was trading at 1.2728 to the greenback, or 78.57 US cents.