Canada Morning

The Canadian dollar dropped rapidly in response to news that Canada lost 129,000 jobs in January, sharply weaker than the expected loss of 40,000 and the largest single monthly job loss on record. The U.S. dollar surged to the C$1.2478 area immediately after the 7 a.m. EST (1200 GMT) release from about C$1.2427 just before. It subsequently registered a session high at C$1.2541, its highest level since Jan. 23, before receding. The dollar was recently at C$1.2478 again as risk appetite returned.