By Commodity News Service Canada
WINNIPEG, December 7 – The Canadian dollar was trading at a stronger level versus its US counterpart at 8:58 CST Friday, as better than expected Canadian employment data boosted its value, analysts said.
Statistics Canada reported 59,000 new jobs were added to the Canadian economy in November, beating expectations of 10,000 new jobs. The unemployment also dropped 0.2 percentage points to 7.2%.
At 8:58 CST Friday, the Canadian dollar was at US$1.0113 or US$=C$0.9888, which compares with Thursday’s North American close of US$1.0090 or US$=C$0.9911.
Strong US employment data also helped to underpin the value of the Canadian dollar. The US Labour Department reported 146,000 new jobs were created in the US in November, which beat expectations of 80,000 new jobs.
Firm commodity prices, including crude oil and metals, were also supportive for the Canadian currency, market watchers said.
The TSX was up 40.29 points, or 0.33%, at 8:58 CST Friday morning to sit at 12,191.42.