Canadian Dollar Rises


Canada's dollar rose, snapping a two- day losing streak, after a government report showed employers added more jobs in April than economists forecast.

The Canadian dollar has increased 1.1 percent this week as crude oil surged to a record. Commodities account for about half of Canada's exports. The nation's central bank cut borrowing costs by a half-percentage point to 3 percent on April 22 as the economy in the U.S. slowed. Canada ships about 80 percent of its exports there.

Canada's dollar advanced 0.8 percent to C$1.0089 per U.S. dollar at 8:32 a.m. in Toronto, from C$1.0172 yesterday. One Canadian dollar buys 99.12 U.S. cents.

Canada's economy added 19,200 jobs last month after gaining 14,600 positions in March, Statistics Canada said today. Economists had forecast 10,000 new jobs in the previous month, according to the median estimate of 24 economists surveyed by Bloomberg News.

Canada's currency weakened 0.4 percent on April 4, when a report showed job growth slowed in March.

The unemployment rate increased to 6.1 percent in April, from 6 percent during March.

The Canadian dollar remained higher after a separate report showed the nation's March trade surplus increased to C$5.5 billion ($5.45 billion) from a revised C$4.8 billion in the previous month. The median forecast of 23 economists surveyed by Bloomberg News called for a C$4.5 billion surplus.


TradingEconomics.com, Bloomberg
5/9/2008 6:32:58 AM