WSJ: Canada Dollar Slumps On Weak Jobs Data; USD At C$1.0720
TORONTO (Dow Jones)--The Canadian dollar slumped sharply lower Friday morning after news that Canada lost 43,200 jobs in October, much weaker than the gain about 10,000 expected by the market.
The U.S. dollar moved to the C$1.0720 area in the aftermath of the October jobs data from C$1.0672 before the release and from C$1.0659 late Thursday.
It subsequently retreated to the C$1.0705 area.
Its immediate high of C$1.0731 after the data is its highest level since Tuesday, according to EBS via CQG.
The job losses in October follow two months of double-digit job gains. They pushed the unemployment rate to 8.6% from 8.4% in September. Analysts had expected a jobless rate of 8.5%.
U.S. jobs data for October will be released at 8:30 a.m. EST (1330 GMT).
-By Don Curren, Dow Jones Newswires; 416-306-2020;
don.curren@dowjones.com
