toronto may 5 reuters  the canadian dollar strengthened to a twoweek high against its us counterpart on friday as investors dialed back bets for interest rate cuts by the bank of canada in the coming months following strongerthanexpected domestic jobs data the canadian economy gained 41400 jobs in april exceeding expectations for an increase of 20000 while the jobless rate stayed at 50 for a fifth consecutive month statistics canada data showed another blockbuster canadian jobs number said karl schamotta chief market strategist at corpay it smashed expectations and pointed to resilience in the underlying economy and will almost certainly narrow interest rate differentials against the us on the front of the curve by lowering the likelihood of rate cuts by the bank of canada and pushing those into 2024 at the earliest money markets are still pricing in an interest rate cut by the boc this year but chances of a cut as soon as october fell to about 50 from 70 before the data on thursday boc governor tiff macklem said that the bank is ready to tighten further if canadian inflation gets stuck significantly above target the banks benchmark rate has been on hold at a 15year high of 450 since january the canadian dollar was trading 06 higher at 13451 to the greenback or 7434 us cents its strongest since april 20 for the week it was on track to advance 07 us job growth also beat expectations in april canada sends about 75 of its exports to the united states including oil the price of oil was up 38 at 7119 a barrel clawing back some recent declines canadian government bond yields were higher across the curve with the 10year up 104 basis points at 2904