Canadian Forex Midday: C$ continues to weaken

By Commodity News Service Canada

Winnipeg, December 6 – The Canadian dollar was weaker against its
US counterpart at midday Friday, undermined by better-than-expected US
economic data, industry watchers said.
The US Department of Labour reported that US nonfarm payrolls
increased by 203,000 in November, beating economists’ expectations of a
180,000 job increase. The unemployment rate dropped to 7.0% from 7.3%,
beating forecasts of just a 0.1% drop to 7.2%.
However, gains seen in commodities, including gold, copper and
crude oil, limited any further losses, as did strong Canadian jobs
data.
According to Statistics Canada, 22,000 jobs were created in
November and the jobless rate remained at 6.9%. Traders were calling
for a 12,000 job increase during the month.
At 11:32 CST Friday, the Canadian dollar was trading at US$0.9378
or US$1.0663, which compares with Thursday’s North American close of
US$0.9398, or US$=$1.0641.
At 11:32 CST Friday, the Toronto Stock Exchange was up 100.95
points to sit at 13,301.35.