7 January 2011, 17:54  Canadian dollar rises

The Canadian dollar was higher on the day Friday, but had ceded earlier gains in choppy trading after release of the key U.S. non-farm payrolls data. The U.S. dollar is at C$0.9912 Friday, down from C$0.9964 late Thursday, according to data provider CQG. It touched a low of C$0.9899 just after the key jobs data, which missed expectations. The U.S. government said employers added 103,000 jobs in December, short of the 150,000 analysts had forecast. "It's not a bad number," said Steve Butler, director of foreign exchange at Scotia Capital in Toronto. But expectations were particularly high, and the come-down steep. Many economists this week revised their forecasts upward after the ADP private-sector jobs report showed an expansion of 297,000 jobs in December, nearly tripling economists' consensus forecast. "The ADP number got the market a little crazy," Butler said. "And things aren't going to turn around overnight. The fact that we got 100,000 new jobs is good."

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