Canadian Forex Review: C$ Little Changed

By Commodity News Service Canada

Winnipeg – March 8/13 – CNS – The Canadian dollar was
trading at a level that was little changed versus the US currency
in late North American activity on Friday. The Canadian unit had
experienced some strength earlier in the session but a late day
sell-off left the currency little changed on the day, market
watchers said.

Strong employment data from the US and Canada accounted for
some of the early upswing in the Canadian dollar’s value. Some of

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the firmness was also associated with the advances posted by the
North American equity sector and the gains seen in global crude
oil.

The Canadian currency late in the afternoon was quoted at
C$1.0293 (97.15 US cents). This compares with Thursday’s late
North American quote of C$1.0294 (97.14 US cents).

Statistics Canada early Friday reported that the Canadian
labor market bounced back in February, with a gain of nearly
51,000 jobs after posting a decline of 21,900 in the previous
month. Economists had expected a 8,000 gain.

But the US dollar’s rebound from its session lows indicates
there are market participants who maintain a negative view of the
Canadian dollar and are interested in buying US dollars on dips

against its Canadian counterpart, brokers said.

The US also enjoyed strong jobs data for February, a factor
that boosted the US dollar across a broad range of currencies
Friday.
END