By Commodity News Service Canada
WINNIPEG, Dec. 1, (CNS Canada) The Canadian dollar was sharply stronger relative to its U.S. counterpart Friday morning, as better-than-expected jobs data helped give the currency a boost.
At 8:56 CST Friday morning the Canadian dollar was at US$0.7840 or C$1.2755 which compares with Thursday’s North American close of US$0.7759 or C$1.2888.
Canada’s economy added 79,500 jobs in November, according to Statistics Canada. The jobs growth was the best since April 2012 and came in well above pre-report expectations of only 10,000 new jobs. The country’s unemployment rate declined to 5.9 per cent, from 6.3 per cent, marking the lowest rate of unemployment in a decade.
Gains in crude oil were also supportive for the energy-linked Canadian dollar.
The TSX was weaker at 8:56 CST, down 19.94 points at 16,047.54.
