Canadian dollar notches 3rd weekly gain

The Canadian dollar on Friday strengthened to its highest level in more than two months against the greenback as strong domestic jobs data supported the Bank of Canada’s forecast for the economy to pick up.

The loonie was trading 0.6 per cent higher at 1.2470 to the greenback, or 80.19 US cents, after moving through its 200-day moving average at 1.2512 and touching its strongest level since July 30 at 1.2447.

The move was “a pretty firm affirmation of investor sentiment toward the Canadian dollar and the Canadian economy,” said Michael Goshko, corporate risk manager at Western Union Business Solutions.