Glacier FarmMedia — The Canadian dollar strengthened Thursday, as currency markets reacted to the latest trade and employment data.
The Canadian dollar settled at US$0.7366 or US$1=C$1.3575, which was compares with Wednesday’s close of US$0.7341 or US$1=C$1.3622.
Canadian exports were up 1.1 per cent in May while imports fell by 1.6 per cent, reported Statistics Canada. As a result, the trade deficit narrowed to C$5.9 billion from the record C$7.6 billion hit the previous month.
Meanwhile, data out of the United States showed that country’s trade deficit widening sharply in May, increasing by 18.7 per cent to US$71.5 billion.
U.S. jobs data beat expectations, with the country’s unemployment rate falling to 4.1 per cent in June from 4.2 per cent the previous month.
Crude oil was weaker, with West Texas crude oil down by 0.67 per cent at US$67.00 per barrel.
The TSX Composite Index was up 164.60 points to close at 27,034.26 points.
U.S. markets will be closed Friday for Independence Day.
