C$ stays on track to extend weekly win streak despite jobs decline
Reuters
Published May 07, 2021 10:04
TORONTO (Reuters) - The Canadian dollar fell against its U.S. counterpart on Friday as data showed Canada losing more jobs than expected, with the currency retreating from its strongest level in 3-1/2 years but on course to gain ground for the sixth straight week.
Canada's economy shed 207,100 jobs in April, more than the analyst prediction of a 175,000-job loss, with the declines driven by coronavirus restrictions in populous Ontario, Quebec and British Columbia, Statistics Canada data showed.
U.S. jobs data for April also disappointed, with employers hiring far fewer workers than expected, likely frustrated by labor shortages.
The Canadian dollar was trading 0.3% lower at 1.2181 to the greenback, or 82.10 U.S. cents, having traded in a range of 1.2147 to 1.2192.
On Thursday, the loonie touched its strongest intraday level since September 2017 at 1.2141, while it was set to gain 0.9% for the week, which would extend a weekly winning streak that began in early April.
It has been bolstered by a hawkish shift in guidance last month by the Bank of Canada and recent strength in commodity prices.
Copper burst higher to a record peak on Friday, fueled by speculators and industrial buyers on the back of rosy economic data as Western economies recover from the pandemic.
U.S. crude prices were down 0.5% at $64.4 a barrel but were set for a weekly gain.
Canadian government bond yields were lower across the curve. The 5-year touched its lowest since March 5 at 0.841% before bouncing to 0.882%, down 3.4 basis points on the day.
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Written By: Reuters
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