By Commodity News Service Canada

WINNIPEG, June 6 (CNS Canada) The Canadian dollar continued to strengthen against its US counterpart Monday morning, still benefiting from a weak US job market report.

On Friday, The US Labor Department reported the smallest gain since September, 2010, adding only 38,000 jobs in May when economists had forecast 164,000. The report jolted markets and killed hopes of a possible interest rate hike this month.

Federal Reserve Chair Janet Yellen is scheduled to speak to the World Affairs Council of Philadelphia Monday afternoon, addressing the report, economy and monetary policy. She is expected to keep the door open to an interest rate hike over the summer.

At 8:50 CDT Monday, the Canadian dollar was at US$0.7756 or US$=C$1.2893, which compares with Friday’s North American close of US$0.7726 or US$1=C$1.2943.

The TSX was up 57.99 points, or 0.41 per cent, at 8:50 CDT Monday morning to sit at 14,284.77.