Loonie Rallies After Canadian Jobs Report

By Joseph AdinolfiMarketsMarketWatch Pulse

The Canadian dollar strengthened against its U.S. rival on Friday after official data showed jobs growth in May was unexpectedly robust. The Canadian economy added 13,800 jobs in May, surpassing expectations for 1,000. The loonie strengthened to 78.80 U.S. cents afterward, erasing an earlier drop tied to a decline in oil prices. It traded at 78.58 late Thursday in New York. The wildfires in Alberta that shut down a key energy-industry were expected to have only a minimal impact on the data, economists said.

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