CIBC Research discusses its reaction to today's Canadian jobs report for the month of March.

"Canadian employment continued to march higher in March, with the 72.5K gain in jobs broadly in line with the consensus forecast (80K). All of the jobs created were full time (+93K), with part time work down slightly, a composition which contributed to a solid rise in hours worked. Accommodation & food services, construction and other services led the job gains by sector. The gain in jobs took the unemployment rate down to 5.3%, which is its lowest since at least 1976," CIBC notes.

"Today's figures may not be as dramatically strong as the prior month, but they are still solid enough to support calls for a 50bp hike from the Bank of Canada next week," CIBC adds.