By Commodity News Service Canada
Winnipeg, January 4 – The Canadian dollar was trading at a stronger level at midday Friday, as better than anticipated Canadian jobs data lifted its value, analysts said.
Statistics Canada reported Canada’s economy added 40,000 new jobs in December, beating expectations of 5,000 new jobs. The unemployment rate was down to 7.1%, the lowest in 4 years. Pre-report expectations saw the unemployment rate increasing slightly.
At 11:50 CST Friday, the Canadian dollar was trading at US$1.0144, or US$1=C$0.9859, which compares with Thursday’s North American close of US$1.0121, or US$=C$0.9880.
US employment data was on the low side of expectations, which helped to limit the advances in the Canadian dollar. There were 155,000 new jobs created in the US in December. The country’s unemployment rate was steady at 7.8%.
Declining commodity prices, including crude oil, gold and copper also undermined the value of the Canadian dollar.
The Toronto Stock Exchange was up 30.83 points, or 0.25%, at 11:50 CST Friday, to sit at 12,501.27.
