Canadian employment: What goes up must come down - TD Securities

"Canadian employment surprised to the downside in March with the loss of 7k jobs which left the unemployment rate unchanged after a 0.1pp drop in the participation rate," note TD Securities analysts.

Key quotes

"One bright spot was a rebound in hours worked (+1.0% m/m) alongside a modest improvement in wage growth."

"FX: The mixed signal from jobs and wages/hours-worked did little to alter the near-term drivers for FX markets. Continue to like CAD downside against AUD and SEK."

"Rates: Markets quickly faded the headline miss, as a knee-jerk move lower in front-end yields was reversed minutes after the release. BoC pricing is effectively unchanged and the market continues to price roughly 12.5bps of easing for next January."