The Loonie followed a path midway between the antipodean dollars and the American one, gaining the best part of two cents against sterling on the week.
It found useful support on Wednesday, after the figures for economic growth in the third quarter came out. Gross domestic product expanded by an annualised 3.5% in Q3, equivalent to quarter-on-quarter growth of nearly 0.9%.
It meant that Canada’s economy grew at more than four times the pace of Euroland (0.2%) and appreciably faster than Britain (0.5%) and the States (0.6%).
Friday’s employment numbers were less helpful. Although the number of people in full-time jobs went up by 34.6k, the number of part-time jobs was down by -53.3k in November. The net loss of nearly 19k jobs was wildly adrift from the expected 20k increase and pushed the unemployment rate up from 7.3% to 7.4%.
The news didn’t particularly hurt the Canadian dollar spreads, but brought to an end the uptrend it had enjoyed for the previous four days.
By MoneyCorp.
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