The Canadian dollar gained today against its U.S. counterpart and the euro, paring its yesterday’s losses, on the outlook for the rising employment and the increasing prices of the equities and crude oil.
Canadian employers added 108,700 jobs in April; the report for the previous month will be released on Friday this week. The Standard & Poorâs 500 Index rose 0.3 percent. Futures for crude oil went up as much as 0.5 percent.
The analysts expect that the report will show 15,000–20,000 jobs, added by the Canadian employers the last month. The potential appreciation of the currency may be subdued by the yesterday’s dovish comments of the central bank’s policy makers and by the European debt crisis.
USD/CAD plunged to 1.0404 as of 15:58 GMT today from its opening rate of 1.0550. EUR/CAD traded near 1.2696 after it opened at 1.2904.
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