BLBG: Canada Dollar Falls a Second Day Before U.S. Employment Report
The Canadian dollar declined for a second day before a U.S. government report forecast to show employers added jobs last month, adding to speculation the nation’s largest trading partner is closer to ending stimulus.
Payrolls in the U.S. rose by 185,000 workers after a 195,000 gain in June, according to the median forecast of 92 economists in a Bloomberg survey. The jobless rate fell to 7.5 percent, matching a four-year low, from 7.6 percent.
Strong data are “a no-doubt-about-it sign of recovery in the U.S.,” Joe Manimbo, a market analyst at Western Union Business Solutions, a unit of Western Union Co., said by phone from Washington before the report. Investors will “ramp up already elevated bets on an early-taper scenario,” he said.
The loonie, as the Canadian dollar is nicknamed for the image of the aquatic bird on the C$1 coin, depreciated 0.5 percent to C$1.0396 per U.S. dollar at 7:47 a.m. in Toronto.
To contact the reporter on this story: Ari Altstedter in Toronto at aaltstedter@bloomberg.net
To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net
