Canadian Dollar Fluctuates Before Unemployment-Rate Reports

The Canadian dollar fluctuated versus its U.S. counterpart before a report that may show the jobless rate in the world’s 11th-largest economy increased.

The currency was little changed against the greenback as Bloomberg surveys forecast Canada’s unemployment rate to rise to 7.1 percent in February as the nation added 8,000 jobs after losing almost 22,000 in January. U.S. businesses added 165,000 workers in February and the unemployment rate stayed at 7.9 percent, separate surveys forecast.

“The U.S. figures are likely to be the bigger story, and the Canadian dollar will react more to that,” Camilla Sutton, head of currency strategy at Bank of Nova Scotia (BNS), said by phone from Toronto.

Canada’s dollar, nicknamed the loonie for the image of the aquatic bird on the C$1 coin, was little changed at C$1.0289 per U.S. dollar at 8:15 a.m. in Toronto. One loonie buys 97.19 U.S. cents.

To contact the reporter on this story: Taylor Tepper in New York at ttepper2@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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