Canadian Forex Midday: C$ Fractionally Firmer

By Commodity News Service Canada

Winnipeg, May 3 – The Canadian dollar was fractionally firmer against its US counterpart at midday Friday, underpinned by better than expected US employment data.

According to the US Labour Department, 165,000 new jobs were created in the US in April, bringing the country’s unemployment rate to a four-year low of 7.5%. Traders expected the country to add 140,000 new jobs in April.

At 11:56 CDT Friday, the Canadian dollar was trading at US$0.9922, or US$1=C$1.0079, which compares with Thursday’s North American close of US$0.9918, or US$=C$1.0083.

Gains seen in crude oil were supportive, while weakness in gold prices put some downward pressure on the Canadian unit, analysts said.

The Toronto Stock Exchange was up 101.33 points, or 0.82%, at 11:56 CDT Friday, to sit at 12,480.97.