Canadian Dollar Gains Against U.S. Peer Before Employment Data

The Canadian dollar gained versus its U.S. counterpart before data forecast to show that Canada added jobs in May for a second month.

Payrolls grew by 15,000 after a 12,500 increase the previous month, according to the median of 25 forecasts in a survey by Bloomberg. Employment in the U.S. grew by 163,000 workers after increasing by 165,000 in April, according to another survey. The Canadian currency advanced the most in almost a year yesterday as Bank of Canada Governor Stephen Poloz, in his first public comments, reiterated his predecessor’s view that rates will rise as the economy grows.

The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, rose 0.3 percent to C$1.0235 per U.S. dollar at 8:14 a.m. in Toronto after touching C$1.0234. One loonie buys 97.70 U.S. cents.

Crude-oil futures rose 0.5 percent to $95.22 a barrel in New York and the Standard & Poor’s GSCI index of 24 commodities gained 0.4 percent.

Canada’s benchmark 10-year government bond yields rose, with yields falling two basis points, or 0.02 percentage point, to 2.02 percent. The 1.5 percent security maturing in June 2023 traded at C$95.34.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE