Glacier FarmMedia — The Canadian dollar was sharply stronger relative to its United States counterpart on Friday, hitting its highest levels in six months on the back of solid jobs data.
The Canadian dollar settled at US$0.7215 or US$1=C$1.3860, which compares with Thursday’s close of US$0.7167 or US$1=C$1.3952.
Canada’s unemployment rate fell to its lowest level in 18 months, dropping 0.4 of a point in November to come in at 6.5 per cent as 54,000 new jobs were added, reported Statistics Canada.
The employment data added to expectations that the Bank of Canada would begin raising interest rates in 2026.
Gains in crude oil added to the firmer tone in the energy-linked currency. West Texas Intermediate crude oil was up by 0.84 per cent at US$60.17 per barrel.
The TSX Composite Index lost 166.16 points at 31,311.41 points.
