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Canadian dollar firms as oil prices rise, the US wages disappoint — Forex Stock Trade

Canadian dollar firms as oil prices rise, the US wages disappoint

© Reuters. File photo: Canadian dollar coin, commonly known as the «Loonie», is pictured in this illustration photo in Toronto

TORONTO (Reuters) — The Canadian dollar edges supported higher against its us counterpart on Friday, due to the higher oil price and the company’s domestic data, while investors in the US weighed-employment report, was marred by a disappointing increase in wages.

The US dollar (DXY) reduced some of his against a basket of major currencies after the November jobs data, which showed a healthy 228,000 increase in non-farm payrolls, but a weaker-than-expected annual wage gain of 2.5 percent.

The prices of oil, one of Canada’s most important export goods, got a boost from the rising Chinese crude oil demand and the threat of a strike in Africa’s largest oil exporter.

U.S. crude oil (CLc1) prices were up by 1.7 per cent to $57.64 a barrel.

Canada’s capacity utilisation rose to 85.0% in the third quarter, a 10-year high, as gains in the construction industry, the lower the offset, the flow rates in the oil and gas industry.

Separate data showed that Canadian housing starts rose strongly in November. The seasonally adjusted annual rate of starts climbed to 252,184 of the in October has been revised downwards to 222,695.

9:24 a.m. ET (1424 GMT), the Canadian dollar was trading at C$1.2842 to the greenback, or 77.87 U.S. cents, up 0.1 percent.

The currency is the strongest level of the session was C$1.2805, while he was fitted Thursday’s low of C$1.2868, the weakest since Jan. 1.

For the week, the loonie is on track to fall 1.2 percent after the Bank of Canada has its benchmark to keep interest rate at 1 percent on Wednesday and tempered expectations for a hike in the coming months.

The Central Bank has insisted that its interest-rate decisions will be data-dependent, but the analysts were surprised this week when the policy-makers took a more cautious tone as a strong national data would suggest.

Canadian government bond prices were mixed across the yield curve, with the two-year (CA2YT=RR) flat yield 1.498 per cent, and the 10-year (CA10YT=RR) falling 10 Canadian cents to yield 1.868 percent.

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