Canadian Dollar Rises to 1-Week High on Jobs-Growth Speculation
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The Canadian dollar rose to its highest level in a week on bets a report on July jobs growth will add to signs the country’s economy is on track to beat Bank of Canada growth projections for the year.
The currency rose against the majority of its most-traded peers before a report forecast to show Canada’s economy created 10,000 jobs in July after losing 400 the month before, according to the median estimate of a Bloomberg survey of 23 economists. The Bank of Canada raised its estimate for growth in gross domestic product to 1.8 percent for 2013 at its July 17 policy meeting, up from a prediction of 1.5 percent in April.