Friday saw the Canadian dollar mark a second-straight day of gains against the world's reserve currency after the U.S. and Canada released data noting its job markets have strengthened, Bloomberg reports.
The loonie drove higher against the majority of its counterpart currencies after the U.S.' jobless rate fell to its lowest value in four years as a result of job creation last month. The strong performance of the loonie marks an about face for the monetary unit during the past several weeks.
"Bearish sentiment about the Canadian dollar has been building over the last month or so, and these numbers absolutely stopped it in its tracks," currency analyst Adam Button with Forexlive.com in Montreal told the news source on Friday. "One data point isn't going to change the Bank of Canada outlook, but the BOC will be glad that they left a slight hawkish bias."
Bloomberg noted a metric indicated interest in the loonie has increasingly gained this week among options traders.
Strong data released by Canada regarding its services industry also spurred the loonie higher on Friday, Reuters reports.
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