Canadian dollar, 'super-charged' by jobs data, posts one-month high

By Fergal Smith
TORONTO (Reuters) - The Canadian dollar appreciated against its US counterpart on Friday, posting its largest weekly rise in four months. This is due to domestic data showing a faster pace of job growth and growing hopes for US stimulus that boosted Wall Street.
Canada created 378,200 jobs in September after rising 246,000 the previous month, well above analyst expectations as children returned to school and the economy opened up further after the coronavirus shutdown, Statistics Canada said.
"The acceleration in job creation in Canada in September drove the Canadian dollar up," said Michael Goshko, corporate risk manager for Western Union Business Solutions.
Support for the loonie was heightened by the surge in stocks and commodities in October, Goshko said.
Stocks rose worldwide <.WORLD> on Friday as expectations increased for a Democratic victory in next month's US election that could provide a huge economic stimulus.
Canada sends about 75% of its exports to the US, including oil, which returned part of this week's strong rally after an oil workers' strike in Norway ended. US crude oil futures <CLc1> fell 1.4% to $ 40.60 a barrel.
The Canadian dollar <CAD => rose 0.5% to 1.3131 against the greenback, or 76.16 US cents. The currency hit its strongest intraday level since September 8 at 1.3111.
For the week, the loonie rose 1.3%, the largest increase since early June.
Canadian government bond yields were mixed across a steeper curve, with the 10-year yield <CA10YT = RR> rising about half a basis point to 0.629%. On Thursday, it hit 0.639%, its highest intraday in more than five weeks.
The Canadian financial markets will close on Monday when Thanksgiving is celebrated.

(Reporting by Fergal Smith; Editing by Nick Zieminski and Grant McCool)

You should check here to buy the best price guaranteed products.

Last News

Sudden Infant Death Syndrome: Symptoms and Causes Parents Need to Know

Where are you most likely to catch COVID? New study highlights high risk locations

Teddy Roosevelt statue removed from outside New York museum

Paris Hilton says she wouldn't want her future daughter to be an influencer because it can be 'toxic'

An Afghan woman says a Taliban gunman struck her mom across the face and left a bruise because she was outside without a male escort

Storm Reid says it’s ‘disheartening’ that many stylists ‘don’t understand Black hair’