By Commodity News Service Canada
Winnipeg, July 11 – The Canadian dollar fell against the US dollar on Friday amid disappointing Canadian job figures and lower commodity prices, analysts say.
At 9:08 CDT Friday morning, the Canadian dollar was at US$0.9363 or US$1 = C$1.0658, decreasing 0.29 of a cent from Thursday’s close.
Canada unexpectedly lost 9,400 jobs in June with the unemployment rate rising to its highest level since December 2013 at 7.1 per cent, according to Statistics Canada. The StatsCan report stated that full-time employment rose by 33,500 jobs, while part-time employment dropped by 43,000 jobs.
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Economists had originally expected another month of job creation following May’s gain of 25,800 jobs, but June resumed what has been a year-long trend of weak demand for workers.
The loonie has been hovering around the 94 cent US range, which has been raising fresh concerns over how the higher currency is affecting the country’s exports and manufacturing sectors.
The Canadian currency will also be looking for direction from next Friday’s release of the latest inflation figures, traders say.
On the commodity markets, August crude oil prices rose for the first time in two weeks on Thursday, but pulled back again on Friday, dipping 74 cents to sit at US$102.19 a barrel. August gold bullion fell $2.20 to US$1,336.90 and September copper fell a penny to US$3.25 a pound.
The TSX decreased 10.59 points to sit at 15,103.89 at 9:08 CDT Friday morning.
