By Commodity News Service Canada
Winnipeg, MB, July 3, 2014 (CNS Canada) – The Canadian dollar closed higher on Thursday, after the currency had reacted to the U.S. employment trade data.
The Canadian dollar settled at US$0.9399 or US$1 = C$1.0634, up from Wednesday’s close of US$0.9375 or US$1 = C$1.0667.
The loonie reacted to U.S. employment rates on Thursday, as the U.S. Labour Department had released news that unemployment rates had fallen from 6.3 per cent to 6.1 per cent and that the U.S. economy had generated 288,000 jobs in June, much higher than the expected 215,000 jobs. The Canadian employment data for June will 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.
Canadian bonds ended lower on Thursday as U.S. job data was better-than-expected. Trading in Canadian bonds is likely to be subdued on Friday due to the Independence Day holiday in the U.S.
