Canada Dollar Gains With Oil Even as Employment Trails Forecast
- Crude oil price reaches the highest level since December
- Toronto-Dominion expects currency to fall on weak economy
This article is for subscribers only.
The Canadian dollar rose with the price of crude oil even as a report showed the country unexpectedly lost jobs in February.
The currency reached a four-month high on a rally in crude oil, until last year’s price collapse Canada’s largest export, and demand for higher-yielding assets on the strength of a stimulus plan from the European Central Bank announced Thursday. It’s trading about 6 Canadian cents stronger than the level forecasters expect for mid-year, and 5 cents stronger than where it’s projected to end the year, according to the median estimates of strategists surveyed by Bloomberg.