Canadian Dollar Continues Climb

CP - A strong jobs report pushed the Canadian dollar to its highest point in nearly two years on Friday.

The Canadian dollar was trading at 98.24 cents US around 4 p.m. ET Friday, up 0.61 of a cent.

That's the highest level for Canada's currency since July 2008.

Earlier in the day, Statistics Canada reported that the Canadian economy added roughly 21,000 jobs in February. Currency traders reacted almost instantly, pushing the loonie up more than half a cent in the minutes following the data.

The loonie gained more than half a cent to trade above 98 cents on Friday. (Canadian Press)

The knee-jerk rise in the loonie was supported by the fact the underlying data was even stronger than the headline — some 60,200 full-time jobs were created during the month, which was only partially offset by a decline in part-time jobs.

"The currency market is very wise," said Douglas Porter, deputy chief economist with BMO Capital Markets. "It decided that the underlying details were even better than the headline number."

"Companies appear to be upgrading some part-time workers into full-timers, which we view as a positive for the Canadian economy as a whole," United Steelworkers economist Erin Weir said.

Asif Khan, Realtor
Re/Max All-Stars Realty Inc.

Follow me on Twitter www.twitter.com/remaxallstar
Become a Fan...Click Here www.facebook.com/asifkhanremax
Google Me: Asif Khan ReMax

Posted via email from Markham Real Estate Today with Asif Khan