The Canadian dollar is expected to gain on its US counterpart as investors look to tomorrow’s Canadian labour report. The loonie – which has already gained 1.1 percent this week – will likely be buoyed by the report that analysts expect to show 15,000 new jobs were added to the Canadian economy in November.
“The market is treading water until this Friday’s employment numbers in the U.S. and Canada,†said Michael Leavitt, a Montreal-based institutional-derivatives broker at MF Global Canada Co. “With oil and gold prices up where they are, it’s going to act as a buffer to any negative moves in the Canadian dollar. The risks are more toward parity than C$1.08.â€
The Canadian dollar traded at C$1.0503 per U.S. dollar at 8:03 a.m. in Toronto, compared with C$1.0511 yesterday.
