Friday, October 10, 2014

Canadian dollar is slightly higher Friday

Canadian dollar is slightly higher Friday after rallying sharply in response to unexpectedly robust jobs data for September.
The rally took the Canadian currency off its session low, but a subsequent retracement of some of its gains left it only slightly higher than Thursday's close.
The U.S. dollar was last at C$1.1184, from C$1.1185 at Thursday's close, according to data provider CQG.
The U.S. unit had climbed to C$1.1208 just before the data's release and tumbled to a session low at C$1.1159 afterwards before recovering somewhat.
Statistics Canada reported the economy created 74,100 net new jobs--the most since May 2013--and the jobless rate fell by 0.2 percentage points to 6.8%.
The gains were predominantly in full-time work, where 69,300 positions were filled, the most since March 2012. The number of part-time jobs rose 4,800.
Market expectations had been for a 20,000 job gain, and a steady jobless rate of 7.0%, according to a report from Royal Bank of Canada.
The private sector added 123,600 jobs in September, wiping out a record decline in the prior month, StatsCan reported.
While the data were strong enough to provoke an immediate strengthening in the Canadian dollar, the volatility in Canada's labor force has resulted in caution among economists, who warn against attaching too much significance to monthly fluctuations in the report.