Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, June 10 (CNS Canada) The Canadian dollar strengthened slightly against its US counterpart Friday morning, benefitting from a favourable jobs report.

Canada’s unemployment rate fell to its lowest level in almost a year as fewer people looked for work.

Canada gained a net 13,900 jobs in May, dropping the national unemployment rate to 6.9 per cent, according to Statistics Canada.

For the year ending May 31, the Canadian economy added 108,500 jobs. In May, Canada added 60,500 full-time positions and lost 46,800 part-time jobs. The number of people employed in positions paying regular weekly or biweekly rose 24,800, while independent contractors or freelancers declined by 11,100.

At 8:44 CDT Thursday, the Canadian dollar was at US$0.7869 or US$=C$1.2713, which compares with Thursday’s North American close of US$0.7866 or US$1=C$1.2708.

The TSX was down 110.55 points, or 0.78 per cent, at 8:44 CDT Friday morning to sit at 14,129.47.