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BLBG: Canada’s Dollar Trades Near a One-Week High Before Jobs Data
 
By Chris Fournier

Nov. 5 (Bloomberg) -- Canada’s dollar was little changed against the greenback, trading near the highest level in more than a week, as traders awaited tomorrow’s employment reports for clues about the strength of the economic recovery.

“Employment numbers are on everyone’s radar,’’ said Michael Leavitt, a Montreal-based institutional-derivatives broker at MF Global Canada Co. “After last month’s surprise rise, the Canadian dollar gained 3 cents versus the U.S. dollar the following two days.’’

The Canadian currency was at C$1.0632 per U.S. dollar at 8:15 a.m. in Toronto, from C$1.0628 yesterday, when it reached C$1.0596, the strongest since Oct. 26. One Canadian dollar buys 94.05 U.S. cents.

The Canadian dollar, nicknamed the loonie for the aquatic bird on the C$1 coin, erased an earlier decline as crude oil, the nation’s largest export, trimmed an overnight loss. Crude for December delivery slipped 0.3 percent to $80.20 a barrel on the New York Mercantile Exchange after falling as much as 1 percent to $79.58.

Employers in Canada added 10,000 jobs last month, after a gain of 30,600 in September that was six times more than predicted, according to the median forecast of 22 economists in a Bloomberg News survey. Statistics Canada is due to report the data Nov. 6. The Labor Department will report on the same day that U.S. payrolls shrank by 175,000 jobs in October, from 263,000 the previous month, according to another Bloomberg survey.

The Ivey purchasing managers’ index is likely to show business spending in Canada declined last month to a reading of 58, from 61.7 in September, according to another Bloomberg survey. The data is due at 10 a.m. New York time.

The British pound rallied after the Bank of England boosted its bond-purchase program by a less-than-forecast 25 billion pounds ($41 billion) and left interest rates at a record low. The European Central Bank left its benchmark interest rate at a record low 1 percent.

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