Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, March 8 – The Canadian dollar was stronger Friday morning, as solid North American employment data provided support.

At 9:22 CST Friday morning the Canadian dollar was at US$0.9746 or C$1.0260 which compares with Thursday’s North American close of US$0.9714, or C$1.0294.

Statistics Canada reported that 51,000 new jobs were created in the country in February, which far outpaced trade guesses of employment growth closer to 8,000. The unemployment rate held steady at 7.0%.

In the US 236,000 new jobs were created during the month, the Labor Department reported. The country’s unemployment rate declined to 7.7%, from 7.9% in January.

Rising housing starts, as reported by the Canada Mortgage and Housing Corp., were also supportive for the Canadian currency. Chinese trade data was also said to be somewhat supportive for the financial markets in general.

The TSX was stronger Friday morning, up 9.15 points at 9:22 CST to sit at 12,835.35.