Canadian dollar surges to 30-year high on jobs, crude oil gains

Canada's dollar climbed to the highest in three decades after a government report showed employers added twice the expected number of jobs in June. "With oil moving higher and employment surprisingly strong, the strength in the Canadian dollar is justified," said Camilla Sutton, a currency strategist at Scotia Capital Inc. in Toronto.

The currency reached 95.58 U.S. cents yesterday [6 Jul 2007], the highest since May 2, 1977. One U.S. dollar buys C$1.0492. The currency last traded at par with the U.S. dollar in 1976. The currency, known as the loonie because of the bird that appears on one dollar coins, surged 0.7% yesterday after Statistics Canada said the economy added 34,800 jobs last month. The median forecast in a Bloomberg survey was for an increase of 17,000.

(2007-07-18 12:39:26 SGT) [Biz] Permalink

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