An historically huge number of Canadians returned to work in April, most notably in the private sector. The strength was heavily concentrated in the service sector, but I don't think that takes away from the bigger story here that the Canadian job market is absolutely in full recovery, said a prominent Canadian Economist. It's just another sign that the Canadian economy is doing better than anyone could've hoped at the start of the year. It certainly brings back into the forefront the possibility of the Bank of Canada raising rates in June, said another analyst.

The Canadian currency gained over 100 pips versus the USD in about 1 minute following the news release.