Canadian Forex Midday: C$ Strengthens

By Commodity News Service Canada

Winnipeg, May 8 – The Canadian dollar was firmer against its US counterpart at midday Friday, as new data showed a rebound in the job market.

The loonie was at US$0.8272 or US$1 = C$1.2089 at 11:50 CDT Friday morning. In the U.S., 223,000 new positions were added, while the unemployment rate ticked lower to 5.4%. Canada lost 19,700 jobs in April while the jobless rate was unchanged at 6.8%.

The US Agriculture Secretary says Canada is potentially throwing away its place in a 12-nation Pacific trade deal because of its over reluctance to negotiate opening it.

On the commodity markets the June crude contract in New York sank US$0.51 to US$59.45 a barrel. The June gold contract fell US$5.10 to US$1,187.30 an ounce.

At 11:50 CDT Friday morning, the Toronto Stock Exchange was up 90.50 points to 15,179.932.