August 9, 2019 / 2:10 PM / 4 months ago

CANADA FX DEBT-C$ flat as oil price rise offsets weak jobs report

    * Canadian dollar trades nearly unchanged to the greenback
    * Canada's economy lost net 24,200 jobs in July
    * U.S. crude oil futures rise 2.5%
    * Bond prices move higher across maturity curve

    By Levent Uslu
    TORONTO, Aug 9 (Reuters) - The Canadian dollar on Friday
dropped against its U.S. counterpart after a
weaker-than-expected monthly employment report before recovering
to trade largely unchanged on the back of a jump in oil prices.
    Canada's economy lost a net 24,200 jobs in July, after
shedding 2,200 in the previous month, domestic data showed. The
unemployment rate edged up to 5.7%. Analysts surveyed by Reuters
had expected the economy to add 12,500 jobs last month.
                         
     At 9:30 a.m. (1330 GMT), the Canadian dollar          was
trading nearly unchanged at 1.3224 to the greenback, or 75.63
U.S. cents. The currency was trading in range of 1.3208 to
1.3275.
    The currency found support from the price of oil, one of
Canada's major exports. On Friday, U.S. crude oil futures       
were up 2.5% at $53.87 a barrel, supported by expectations of
more OPEC production cuts.             
    Other Canadian data showed the seasonally adjusted
annualized rate of housing starts rose to 208,970 units in July
from 205,765 units in June, beating estimates for a decline of
203,500.             
    Canadian government bond prices were higher across the yield
curve in sympathy with U.S. treasuries. The two-year           
rose 7.5 Canadian cents to yield 1.322% and the benchmark
10-year             was up 36 Canadian cents to yield 1.206%.

 (Reporting by Levent Uslu
Editing by Paul Simao)
  
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