By Commodity News Service Canada
WINNIPEG, May 9 – The Canadian dollar was weaker relative to the US dollar on Friday, undermined by disappointing Canadian employment data, analysts said.
Statistics Canada said the economy lost 28,600 jobs in April, while expectations called for 13,500 new jobs to be added. The unemployment rate held steady at 6.9 per cent.
The Canadian dollar closed at US$0.9178 or US$1=C$1.0896 on Friday, which compares with Thursday’s North American settlement of US$0.9240 or US$1=C$1.0823.
Profit taking on recent gains and ahead of the weekend and weakness in crude oil values were also bearish for the loonie.
However, strength in copper and gold values limited the downside, brokers said.
Canadian bonds closed higher, reacting to the disappointing Canadian jobs data on Friday, market watchers said.
The two-year bond yielded 1.030% late Friday, from 1.073% late Thursday. The 10-year bond yielded 2.361%, from 2.371%. Bond yields fall as their prices rise.
