The Canadian dollar on Thursday climbed in value against the greenback after Australia released uplifting economic data, Bloomberg reports.
But the loonie's performance was not so strong against its other counterpart currencies amid losses to crude oil, the top export of the natural-resources-rich nation. In May, Canada bolstered payrolls by 1,100, serving as a contrast to the 10,000 job losses projected by Bloomberg-surveyed economists.
"The key risk to watch is Canadian household debt," senior economist Benjamin Reitzes with BMO Capital Markets told The Canadian Press. "While the report likely reflects the views of the Bank as a whole, this could be an opportunity for Governor Stephen Poloz to hint that policymakers are less concerned about debt. Indeed, if the debt risk is downgraded, it suggests the Bank may be prepared to drop its mild tightening bias or at least be one step closer to its removal."
The jobless rate in Canada fell to 5.5 percent after checking in a 5.6 percent.
Canada's economy, the globe's 11th largest, this year will develop 2.2 percent rather than the 2.4 percent projected in January, according to the World Bank, as cited by The Canadian Press.
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