CANADA FX DEBT-Jobs data lifts C$ to its strongest week in 5 months


09/02/2014 09:25 AST

The Canadian dollar rose against the greenback on Friday, giving it its biggest weekly gain in five months, after a rebound in domestic hiring in January cooled speculation that the central bank will cut interest rates.

Data showed the Canadian economy added 29,400 jobs in January after losing 44,000 jobs in December, while the unemployment rate fell to 7.0 from 7.2 percent.

It was the largest employment gain since August and beat market expectations for about 20,000 new hires. Full-time positions had the largest increase since last May.

"(It) dampens expectations of the possibility of the Bank of Canada having to cut rates. But certainly with inflation remaining low, there's no pressure to start moving rates higher," said Paul Ferley, assistant chief economist at Royal Bank of Canada.

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