{"id":793909,"date":"2026-07-11T00:32:18","date_gmt":"2026-07-11T00:32:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/793909\/"},"modified":"2026-07-11T00:32:18","modified_gmt":"2026-07-11T00:32:18","slug":"we-are-%e2%81%a0likely-past-peak-pessimism-canadian-dollar-heads-for-first-weekly-gain-in-six-weeks-after-jobs-beat","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/793909\/","title":{"rendered":"\u2018We are \u2060likely past peak pessimism\u2019: Canadian dollar heads for first weekly gain in six weeks after jobs beat"},"content":{"rendered":"<p class=\"c-article-body__text text-pr-5\">The Canadian dollar strengthened \u2060to \u200ba three-week high against its U.S. counterpart on Friday after domestic data showed that the economy added more jobs than expected last month, reducing concerns about the growth outlook.<\/p>\n<p class=\"c-article-body__text text-pr-5\">The loonie \u200bwas trading 0.3% higher at 1.4125 \u200cper U.S. dollar, or 70.80 U.S. cents, its strongest level since June 19. For the week, the currency was up 0.5%, after five straight weekly declines.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Canada\u2019s economy added a net 18,200 jobs in \u200cJune, eclipsing estimates \u200bfor a gain \u200cof 10,000, and the unemployment rate edged down to 6.5%, continuing \u200bthe momentum seen in the prior month despite \u2060lingering trade uncertainty.<\/p>\n<p class=\"c-article-body__text text-pr-5\">\u201cOn the CAD side, we are \u2060likely past peak pessimism being priced in around Canada\u2019s growth outlook,\u201d strategists \u200bat TD Securities, including Linda Cheng, said in a note.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Still, the \u201cstable to very modestly hawkish employment data is unlikely to change the imminent BoC outlook,\u201d the strategists said.<\/p>\n<p class=\"c-article-body__text mv-16 l-inset text-pb-8\" data-sophi-feature=\"interstitial\"><a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/inside-the-market\/article-rosenberg-research-three-reasons-why-the-canadian-dollar-will-plummet\/\" rel=\"nofollow noopener\" target=\"_blank\">Rosenberg Research: Three reasons why the Canadian dollar will plummet to nearly 60 cents by the end of next year<\/a><\/p>\n<p class=\"c-article-body__text text-pr-5\">The Bank of Canada will hold its \u2060overnight rate at 2.25% on July 15 and keep it there well into next year as price pressures remain largely contained and the economy gradually recovers, a Reuters poll showed.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Data on Tuesday showed that Canadian exports rose for the fourth \u2060consecutive month in May, adding to \u200bevidence that the economy recovered in the second quarter after two \u2060consecutive quarters of contraction.<\/p>\n<p class=\"c-article-body__text text-pr-5\">The price of oil, one of Canada\u2019s major exports, fell 1.3% \u200cto $71.11 a barrel but was on track for weekly gains as renewed \u200bU.S.-Iran fighting disrupted shipping in the Strait of Hormuz.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Canadian government bond yields were mixed across a flatter curve. The 2-year edged up 1.1 basis points to 2.820%, \u200bwhile the 10-year was down 1.2 basis points at 3.514%.<\/p>\n","protected":false},"excerpt":{"rendered":"The Canadian dollar strengthened \u2060to \u200ba three-week high against its U.S. counterpart on Friday after domestic data showed&hellip;\n","protected":false},"author":2,"featured_media":793910,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-793909","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/793909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=793909"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/793909\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/793910"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=793909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=793909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=793909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}