By Commodity News Service Canada
Winnipeg, July 3 The Canadian dollar held steady on Thursday morning as the currency reacted to U.S. employment Canadian trade data.
At 9:00 CDT Thursday morning, the Canadian dollar was quoted at US$0.9376 or US$1 = C$1.0667, up 0.01 cents US from Wednesday’s close.
The U.S. economy generated 288,000 jobs during June while U.S. unemployment rates fell from 6.3 per cent to 6.1 per cent, according to the U.S. Labour Department.
American economists had estimated that 215,000 jobs were created during June, but those estimates were boosted on Wednesday after ADP reported that the private sector produced 281,000 jobs in June. Canadian employment data for June is to be released on July 11.
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Canada’s trade deficit narrowed during the month of May, according to Statistics Canada. The deficit came in at $152 million, down significantly from the $961 million in April as export volumes shot up 4.2 per cent to $44.2 billion. This was the second highest value on record and was mainly due to a strong showing in the motor vehicle industry.
On the commodity markets, August crude oil fell 44 cents to US$104.04 a barrel. August gold bullion was sharply lower at US$1,315.70 an ounce and September copper was also down, dropping a cent lower to US$3.24 a pound.
The TSX was up 25.47 points to sit at 15,235.26 at 9:00 CDT Thursday morning.
