Skip to main content

The Canadian dollar CADUSD strengthened to a two-month high against its U.S. counterpart on Friday as domestic data contributed to the recent upswing in sentiment toward the currency, showing that the economy added more jobs than expected last month.

The Canadian dollar was trading 0.5 per cent higher at 1.3495 to the greenback, or 74.10 U.S. cents, after touching its strongest level since Sept. 29 at 1.3488. For the week, the currency climbed 1 per cent.

Canadian employment rose by 24,900 jobs in November, eclipsing the 15,000 gain that economists had expected, although hours worked fell and the jobless rate ticked up to 5.8 per cent, as growth in the population continued to outpace employment growth.

Separate data showed Canada’s manufacturing sector contracting for a seventh straight month in November as global industrial weakness weighed on output and new orders.

The jobs data added to positive sentiment toward the loonie after the currency was lifted by broad-based weakness in the U.S. dollar in recent weeks, said Michael Goshko, senior market analyst at Convera Canada.

The U.S. dollar fell against a basket of major currencies as Federal Reserve Chair Jerome Powell struck a cautious tone on further interest rate moves.

The price of oil, one of Canada’s major exports, settled 2.5 per cent lower at $74.07 a barrel as the market kept a wary eye on the latest round of OPEC+ production cuts.

Canadian government bond yields fell across the curve, tracking moves in U.S. Treasuries. The 10-year was down 9.3 basis points at 3.455 per cent.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 21/11/24 1:37pm EST.

SymbolName% changeLast
CADUSD-FX
Canadian Dollar/U.S. Dollar
+0.12%0.71644

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe