The Canadian economy beat expectations by adding 21,800 jobs in February, putting pressure on the central bank to consider another rate hike after saying it wanted end its year-long tightening campaign, data showed on Friday.
Money markets see about a 65% chance that the Bank of Canada will raise interest rates further this year, down from 80% before the data. The move lower comes as U.S. wage inflation showed signs of cooling and hints of stress in the U.S. banking system drove demand for safe-haven assets.
On Thursday, the BoC said it is watching economic data to assess whether it can leave its key overnight rate at 4.50%, or whether it needs to go higher. "There simply is no sign that the labor market is succumbing whatsoever to the rapid-fire tightening of the past year," said Doug Porter, chief economist at BMO Capital Markets.
Inflation eased to 5.9% in January from a peak of 8.1% last year, and the central bank forecasts it will slow to 3% by around mid-year.
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