Canadian Forex Midday: C$ weakens with employment data

By Commodity News Service Canada

WINNIPEG, Sept. 4 – The Canadian dollar was weaker at midday Friday, as domestic soft employment data put some pressure on the currency.
At 11:53 CDT, the Canadian dollar was trading at US$0.7544 or US$1=C$1.3256 which compares with Thursday’s close of US$0.7579 or US$=C$1.3194.
Canada’s unemployment rate increased 0.2 percentage points to 7.0% in August, after holding steady for six consecutive months. While full time employment was actually up during the month, it was more than offset by a decline in part-time work.
In the US, unemployment fell to 5.1%, which was the lowest level since 2008.
Losses in crude oil also weighed on the energy-linked Canadian dollar.
At midday Friday the Toronto Stock Exchange was weaker, down 140.84 points at 11:53 CDT, to sit at 13,455.57.