(Adds strategist quotes and details throughout; updates prices)
* Canadian dollar rises 0.5% against the greenback
* Canada adds 378,200 jobs in September
* Loonie touches a 1-month high at 1.3111
* Canadian bond yields were mixed across a steeper curve
By Fergal Smith
TORONTO, Oct 9 (Reuters) – The Canadian dollar strengthened
against its U.S. counterpart on Friday to notch its biggest
weekly advance in four months, driven by domestic data showing a
faster pace of job gains and rising hopes of U.S. stimulus that
boosted Wall Street.
Canada added 378,200 jobs in September after an increase of
246,000 in the previous month, handily beating analyst
expectations, as children returned to school and the economy
continued to reopen from coronavirus shutdowns, Statistics
“Accelerating job creation in Canada in September has
super-charged the Canadian dollar” said Michael Goshko,
corporate risk manager at Western Union Business Solutions.
Adding to support for the loonie, has been the move higher
in equities and commodities in October, Goshko said.
Shares rose globally on Friday as expectations grew
of a Democratic victory in U.S. elections next month that could
lead a big economic stimulus.
Canada sends about 75% of its exports to the United States,
including oil, which gave back some of this week’s strong rally
after an oil worker strike in Norway ended. U.S. crude oil
futures settled 1.4% lower at $40.60 a barrel.
The Canadian dollar was trading 0.5% higher at 1.3131
to the greenback, or 76.16 U.S. cents. The currency touched its
strongest intraday level since Sept. 8 at 1.3111.
For the week, the loonie was up 1.3%, its biggest advance
since early June.
Canadian government bond yields were mixed across a steeper
curve, with the 10-year yield up about half a basis
point at 0.629%. On Thursday, it touched its highest intraday in
more than five weeks at 0.639%.
Canadian financial markets will be closed on Monday when
Thanksgiving Day is observed.
(Reporting by Fergal Smith
Editing by Nick Zieminski and Grant McCool)
((firstname.lastname@example.org; +1 647 480 7446;))
Keywords: CANADA FOREX/ (UPDATE 1)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.