Loonie at 73.66 U.S. cents
weakened to a two-week low against its U.S. counterpart on Friday as stronger-than-expected U.S. jobs data bolstered the greenback, but the move was limited as oil added to its recent gains.
“There had simply been lots of bad news priced into the USD, increasing the risks that a string of good news will kick-start a sizeable correction, and evidence for that is emerging,” said Jayati Bharadwaj, a global FX strategist at TD Securities. The Canadian dollar “has been relatively shielded” to the U.S. dollar’s move compared to other major currencies due to higher oil prices, Bharadwaj said.
Canadian economic activity rebounded in September after contracting in the prior month, Ivey Purchasing Managers Index data showed. The seasonally adjusted index rose to 53.1 from 48.2 in August.
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