By Commodity News Service Canada
Winnipeg, October 3 – The Canadian dollar was lower against its US counterpart at midday Friday, as lukewarm Canadian trade data combined with a solid US jobs number report to send the loonie tumbling.
The US Labour Department reported today the American economy churned out 248,000 jobs last month. That beats earlier estimates that just 215,000 jobs would be created. The jobless rate crept down 0.2 of a point to 5.9 percent. That is the lowest level in over five years, according to a report.
Analysts also say the weakening Euro is contributing to the resurgence of the American greenback.
The December copper contract was unchanged at US$3.00 a pound. The November crude oil contract fell $1.46 to hit US$90.63 a barrel. December gold plummeted US$20.20 to $1,194.90 an ounce.
At 11:45 CDT Friday, the Canadian dollar was trading at US$0.8881 or US$1.1260, which compares with Thursday’s North American close of US$0.8958, or US$=$1.1163.
At 11:55 CDT Friday, the Toronto Stock Exchange was up67.39 points to sit at 14,828.03.
