Canada's job-fest puts the BoC on edge

This is not what BoC governor Tiff Macklem wanted to see. Canada churned out an estimated 150,000 new jobs in January. That was far more per capita than our southern neighbour's 517,000 print last week, which was stunning in its own right.

Today's gains 10x'd Bay Street expectations of 15,000 jobs, sending Canada's 5-year yield another 11 bps higher as of 12:30 p.m. ET.

Canadian 5yr yield (Feb 10, 9:15 a.m. ET) — Source: Refinitiv Eikon
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