Canadian Dollar Climbs Versus Greenback, Euro, on U.S. Employment Report

Canada’s dollar strengthened against the greenback and the euro to the highest levels in more than a month after an ADP Employer Services report showed U.S. companies added more jobs in June than forecast.

The Canadian dollar, also known as the loonie, topped all 16 of its most-traded peers, appreciating more than 1 percent versus the yen after the European Central Bank raised interest rates and as gains in copper and crude oil made currencies linked to raw materials more attractive.

“If the U.S. does better, then countries linked to it are expected to outperform,” Sebastien Galy, a foreign-exchange strategist at Societe Generale SA in London, wrote in an e-mail. “The Canadian dollar and the Mexican peso were immediate recipients of fast-money flows on the back of the ADP.”

The Canadian currency rose 0.8 percent to 95.77 cents per U.S. dollar at 8:07 a.m. in Toronto, the strongest since May 11. One Canadian dollar buys $1.0442.

The loonie strengthened 1 percent to C$1.3782 per euro at, the strongest since May 16. It rose 1.1 percent to 84.76 cents per yen, the strongest since May 19.

Crude oil futures rose 2.1 percent to $98.71 a barrel in New York. Crude is Canada’s largest export. Copper for September delivery advanced 3.1 cents, or 0.7 percent, to $4.366 a pound on the Comex in New York. Canada derives about half its export revenue from raw materials.