The March Canadian employment data was in line with the market expectations.
- 72.5K jobs created (93k full time jobs created, while the economy lost 20k of part time workers
- Unemployment rate drops to 5.3%, the lowest since 1976
- Wage growth accelerated from 3.3% to 3.7% YoY
This data sets the stage for the BoC to hike 50 bps next week and continues to put upward pressure on interest rates.