By Commodity News Service Canada
WINNIPEG, May 10 The Canadian dollar was weaker compared to the US dollar at 9:10 CDT Friday, undermined by soft Canadian employment data, analysts said.
According to Statistics Canada, employment was little changed in April, and the unemployment rate remained unchanged compared to March, at 7.2%.
At 9:10 CDT Friday the Canadian dollar was at US$0.9868 or US$=C$1.0134, which compares with Thursday’s North American close of US$0.9926 or US$=C$1.0075.
Some of the weakness in the value of the Canadian dollar was also linked to ideas that recent advances were overdone, and a downward correction was needed.
Some of the selling seen in crude oil and gold also spilled over to weigh on the value of the Canadian unit, market watchers said.
The TSX was up 3.01 points, or 0.02%, at 9:10 CDT Friday morning to sit at 12,546.91.
