Today the Canadian dollar was near 2 months high as its chief export, the crude oil, rallied as demand for energy increases. This has favored currencies having a similar profile in foreign-exchange markets as the Australian dollar, which is a main commodity supplier for China.
Higher Crude Oil trading supports Loonie
The Canadian dollar which is also referred to as loonie, had the fourth day of advances in this week as the crude oil returned to trade high in commodity markets having future contracts closed near $ 83 a barrel.
This has given support to the Canadian dollar to rally specially against its U.S. counterpart as during most of today’s session in North America frustrating employment data reduced the attractiveness for the greenback.
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US Dollar
On Friday as investors waited for the U.S. government’s monthly employment report to offer clues to the potential pace of tightening in U.S. monetary policy so, the dollar was slow versus a basket of major currencies.
November rates Unemployment rates remains unchanged
In November the U.S. economy lost 130,000 jobs, as compared to 190,000 in October, while the November unemployment rate was unchanged at 10.2%. [source : Reuters economist poll]
Rates are anticipated to rise
However traders were uncertain after it has been said by White House spokesman Robert Gibbs on Thursday that it has been signaled by Wednesday’s ADP private sector payroll report that the November unemployment level may tick up.
Canadian Dollar jumped Higher
Meanwhile, after that Canadian jobs figures for November came in far stronger than expected, the Canadian dollar, jumped to a session high.
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