By Commodity News Service Canada
Winnipeg, Feb. 1 – The Canadian dollar was trading at a slightly softer level versus its US counterpart at midday Friday, but remained above parity.
At 11:54 CST Friday, the Canadian dollar was trading at US$1.0017, or US$1=C$0.9983, which compares with Thursday’s North American close of US$1.0027, or US$=C$0.9973.
Expectations that Statistics Canada’s employment data, due out on February 8, will show the country’s employment rate rise to 7.2 per cent in January, from 7.1 per cent in December, put downward pressure on the Canadian dollar, analysts said.
However, the losses in the Canadian currency were limited by strong commodity prices and better than expected US employment data.
The Toronto Stock Exchange was up 92.47 points, or 0.73%, at 11:54 CST Friday, to sit at 12,778.09.