Canadian dollar adds to weekly gain after shock jobs rebound By Reuters


© Reuters.

* Canadian dollar gains 0.6% against the greenback

* Canada adds 290,000 jobs in May

* Loonie touches its strongest since March 6 at 1.3395

* Canada’s 10-year yield rises to its highest since mid-April

TORONTO, June 5 (Reuters) – The Canadian dollar strengthened to a three-month high against the greenback on Friday and was on track to gain more than 2% for the week after data showing a surprise rebound in domestic and U.S. jobs supported investor optimism about economic recovery.

Canada’s economy gained 290,000 jobs in May, largely in full-time work, after a record-breaking jobs loss of nearly 2 million in April, data from Statistics Canada showed. Analysts had expected the economy to lose 500,000 jobs in May. data also showed a surprise jobs gain, while shares on Wall Street climbed about 2% in early trade. Canadian dollar was trading 0.6% higher at 1.3419 to the greenback, or 74.52 U.S. cents. The currency, which was up 2.6% for the week, touched its strongest intraday level since March 6 at 1.3395.

The gain for the loonie came as the price of oil, one of Canada’s major exports, rallied. U.S. crude oil futures were up 3.9% at $38.88 a barrel after OPEC decided to move up discussions on whether to extend record production cuts to Saturday, indicating that some laggard countries may have agreed to align themselves with the deal. government bond yields were higher across the curve in sympathy with U.S. Treasuries. The 10-year rose 6.8 basis points to 0.747%, its highest since April 14.

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