Loonie at 72.62 U.S. cents
strengthened against its U.S. counterpart on Friday as data showed Canada’s economy added more jobs than expected in February, while investors also weighed U.S. jobs data and signs of stress in the banking sector.
The Canadian economy added 21,800 jobs in February, exceeding analyst forecasts of a gain of 10,000, while the jobless rate unexpectedly held steady at 5.0 per cent, which could leave the door open to additional interest rate hikes by the Bank of Canada . On Wednesday, the BoC left its benchmark rate on hold at a 15-year high of 4.50 per cent after eight consecutive rate increases.
Wall Street was also lower, as banking stocks sagged amid reports that SVB Financial Group’s efforts to raise money had failed.
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