Canadian dollar falls sharply in wake of disappointing Canadian jobs data | iNFOnews | Thompson-Okanagan's News Source

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Canadian dollar falls sharply in wake of disappointing Canadian jobs data

Canadian dollars are pictured in Vancouver, Sept. 22, 2011. THE CANADIAN PRESS/Jonathan Hayward

TORONTO - The Canadian dollar was sharply lower Friday amid a big miss in expectations for Canadian job creation last month.

The loonie fell 0.68 of a cent to 90.3 cents US as Statistics Canada reported that the economy shed 7,000 jobs during February. Economists had looked for a gain of 15,000 positions. The unemployment rate held steady at 7 per cent.

The news was much better from the U.S. where the economy created 175,000 jobs last month, well above expectations for 139,000 job gains. The unemployment rate rose to 6.7 per cent from 6.6 per cent.

The news was better from the trade front. Statistics Canada reported that Canada's trade deficit with the world narrowed from $922 million in December to $177 million in January. The agency said that merchandise imports declined 1.6 per cent while exports edged up 0.2 per cent in January.

In the U.S., the trade deficit increased to $39.1 billion, up 0.3 per cent from December’s revised $39 billion deficit as a rise in imports of oil and other foreign goods offset a solid increase in exports.

On the commodity markets, the April crude contract in New York was 77 cents higher to US$102.33 a barrel. May copper tumbled nine cents to US$3.13 a pound while April bullion fell $17 to US$1,334.80 an ounce.

News from © The Canadian Press, 2014
The Canadian Press

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