Canadian Dollar Rallies as U.S., Canada Jobs Gains Fuel Demand
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The Canadian dollar rose versus its U.S. peer as domestic employers added five times more jobs than forecast, adding to speculation Bank of Canada Governor Mark Carney will raise the central bank’s target interest rate.
The loonie, as the currency is nicknamed, strengthened to a two-week high as employers added 52,100 jobs in September, Statistics Canada reported in Ottawa. That exceeded forecasts for an increase of 10,000 jobs. A U.S. government report showed payrolls increased 114,000 and the unemployment rate unexpectedly dropped to 7.8 percent.