By Commodity News Service Canada
WINNIPEG, June 5 The Canadian dollar was weaker than its US counterpart Friday morning, though it hit a session high in the early hours of the day, and started falling by 8 a.m CDT in response to strong US labour force data.
At 9:00 a.m. CDT the Canadian dollar was at US$0.7981 or C$1.2529 which compares with Thursday’s North American close of US$0.7997, or C$1.2504.
There was an increase in people employed by the private sector, and 59,000 jobs were created in May, Statistics Canada said in a labour force report released Friday. Canada’s unemployment rate stayed at 6.8 per cent for the fourth consecutive month.
StatsCan also says since the start of 2015, employment gains have averaged 20,500 per month.
While Canadian job data was better than analyst expectations US data supported the greenback, which put pressure on the Canadian dollar.
The TSX was weaker in early activity, down 63.74 points at 9:00 CDT to sit at 14,955.65.
