Canadian Dollar Sets Two-Month High as Oil Overshadows Jobs Data

  • All jobs gains came from part time work with full time falling
  • North American benchmark crude also touches two-month high

The Canadian dollar climbed to the highest in two months as a rally in crude oil overshadowed an underwhelming September jobs report.

The price per barrel of North America’s benchmark West Texas Intermediate oil grade is heading for its biggest weekly increase since August. The currency pared some of its gains as traders focused on the details of Canada’s employment report. All the 12,100 positions gained last month were part-time, while full-time jobs fell, Statistics Canada data showed Friday.

"The split in the full-time, part time jobs is not accretive to the Canadian dollar," said Jack Spitz, the managing director for foreign exchange at National Bank of Canada in Toronto. "What’s holding the Canadian dollar in is the pick up in WTI."

The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, climbed 0.2 percent at 9:44 a.m. in Toronto to C$1.2984 per U.S. dollar. It had been up as much as 0.9 percent to touch C$1.2901 per U.S. dollar, the highest level since July. One loonie buys about 77 U.S. cents.

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