Bloomberg News

Canadian Dollar Advances Versus U.S. Peer Before Employment Data

September 07, 2012

Canada’s dollar gained to a four- month high versus its U.S. peer before reports forecast to show the nation’s employers added jobs in August after a decline the prior month.

The currency strengthened against the yen before a U.S. monthly payroll report and after industry data yesterday showed American companies hired more workers last month than analysts predicted. The Canadian dollar rose with crude-oil and stocks after ECB President Mario Draghi yesterday said policy makers had agreed on an unlimited debt-buying program.

“The market is basically looking for a 10,000 number out of Canada,” Dean Popplewell, head analyst in Toronto at the online currency-trading firm Oanda Corp., said in a telephone interview. “Certainly something much better than last month. But the risk-on and risk-off will depend on” the U.S. payroll number, he said.

Canada’s currency, nicknamed the loonie for the image of the waterfowl on the C$1 coin, appreciated 0.1 percent to 98.19 cents per U.S. dollar at 8:14 a.m. in Toronto. It touched 98.05, the strongest since April 30. One Canadian dollar buys $1.0185.

Crude-oil futures rose 0.7 percent in New York. Standard & Poor’s 500 Index futures gained 0.4 percent.

Canadian employers added 10,000 jobs in August, Statistics Canada is forecast to report, after unexpectedly cutting 30,400 jobs the prior month. The employment rate is forecast to remain steady at 7.3 percent, according to another survey.

To contact the reporter on this story: Joseph Ciolli in New York at jciolli@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net


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