The Canadian dollar spiked up against major currencies on Friday in New York. The loonie climbed to new multi-month high against the yen and multi-day highs versus the aussie, U.S. dollar and the euro.
After a slight downtrend in early morning trading, the Canadian currency edged up against its US counterpart in New York mid-day deals today. At about 12:30 pm ET, the loonie was worth 1-week high of 1.2311 versus the greenback from recent low of 1.2458.
According to a report released by the U.S. Labor Department today, the non-farm payroll employment fell by 663,000 jobs in March following an unrevised decrease of 651,000 jobs in February. The drop in jobs came roughly in line with economists' expectations of a decrease of 658,000 levels.
With the continued decrease in jobs, the unemployment rate rose to 8.5 percent in March from 8.1 percent in the previous month, in line with expectations. With the increase, the unemployment rate rose to its highest level since November of 1983.
The US Institute for Supply Management said its non-manufacturing index fell to 40.8 in March from 41.6 in February, with a reading below 50 indicating a contraction in the service sector.
The loonie advanced against the Japanese yen in New York morning and currently trading at new multi-month high of 81.14 today.
Against the euro, the loonie traded higher in New York mid-day trading and presently trading near new multi-day of 1.6565 from previous session low of 1.6710.
The loonie also ticked up against the Australian dollar and hit a 2-day high of 0.8745 by about 11:25 am ET. At present, the pair is trading at 0.8766.
Crude oil prices dropped on Friday as traders another dismal jobs report lowered the expectations for energy demand. With the decline, crude returned some of its gains from yesterday's session. Light sweet crude oil for May delivery moved to $51.86, down 78 cents on the session. Prices jumped nearly 9% on Thursday.
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