Canadian Dollar And Business Outlook

By Commodity News Service Canada

Winnipeg, August 9 – The Canadian dollar opened weaker against its
US counterpart on Friday, undermined by weaker-than-expected Canadian
jobs data, market watchers said.
According to Statistics Canada, employment declined by 39,000 jobs
in July, with the unemployment rate rising 0.1% to 7.2%. Economists had
originally forecast the Canadian economy to create 10,000 jobs for the
month.
The report also said that employment gains averaged approximately
11,000 jobs per month over the past six months, which was slower than
the previous six-month average of 27,000.
At 8:38 CDT Friday, the Canadian dollar was at US$0.9661 or
US$=C$1.0350 which compares with Thursday’s North American close of
US$0.9686, or US$=C$1.0324.
Gains in commodities, including crude oil and copper, limited the
loonie’s losses.
The TSX was down 12.21 points Friday morning at 8:38 CDT, to sit
at 12,540.71.