Oct 5, 2012 / 6:42 am
The Canadian dollar rose more than half a cent Friday morning after a report showed the domestic economy added five times more jobs than expected.
The loonie rose 0.73 of a cent to 102.72 cents US shortly before markets opened.
Statistics Canada said the country added 52,100 new jobs in September, marking the third biggest increase so far this year. Economists had predicted 10,000 jobs would be created last month.
"The composition and magnitude of employment gains have provided solid support to household spending," said RBC assistant chief economist Dawn Desjardins in a note.
"For the Bank of Canada, the persistence of slack in the economy will provide the rationale to keep the overnight rate at one per cent at least until the external headwinds die down and growth starts to strengthen," Desjardins said.
Read more Business News
|QHR Technologies Inc||0.57||-0.03|
|Anavex Life Sciences||0.50||-0.02|
|Copper Mountain Mining||1.75||-0.02|
I vowed when I started this column twenty-five years ago that I wasn’t going to write about politics and I have held the line until today but this item is really about questions. I looked back o...
Big Picture Stocks press on Most major global equity markets continued their upward journeys this week despite less-than-inspired economic data. In the US, weaker-than-forecast employment and housing...
The majority of Canadians prefer to make their big move during the summer season. There are a variety of reasons for choosing this time of year: it is easier to transport boxes in non-icy condition...
- Loonie takes a short dive
- Music industry biggies donate $70M
- IRS investigated for tea party targeting
- Loonie weakens as commodities fall
- The buck is up - a little
- Cheap deadly cars made in Brazil
- Bangladesh to raise wages
- Open for business
- 'Gatsby' earns $51.1M, 'Iron Man' $72.5M
- Chrysler recalls nearly 470,000 SUVs
- Bell not interested in selling more Astral
- Loonie dips over a quarter