Canadian Forex Midday: C$ weakens significantly

By Commodity News Service Canada

Winnipeg, January 10 – The Canadian dollar was significantly
weaker against its US counterpart at midday Friday, falling below the
92 US cents level amid weaker-than-expected Canadian economic data,
industry watchers said.
According to Statistics Canada, employment was down by 46,000 in
December, which compares to the 14,000 job increase economists were
expecting. The unemployment rate also increased to 7.2% from 6.9%.
Additional downward pressure came from a decline seen in the US
unemployment rate, participants said. Despite seeing fewer jobs created
in December than expected, the US Department of Labour said the
unemployment rate still dropped to 6.7% from 7.0%.
However, gains seen in commodities, including gold, copper and
crude oil, limited any further losses.
At 11:28 CST Friday, the Canadian dollar was trading at US$0.9164
or US$1.0912, which compares with Thursday’s North American close of
US$0.9215, or US$=$1.0852.
At 11:28 CST Friday, the Toronto Stock Exchange was up 88.14
points to sit at 13,717.55.