Canadian dollar firms as data shows payroll earnings accelerating

The Canadian dollar edged higher on Thursday against its U.S. counterpart, as oil prices rose and data that showed domestic average weekly earnings rose in May at the fastest pace in 15 months.

The upward move in weekly earnings was accompanied by an increase of 32,600 in the number of non-farm payroll employees.Meanwhile, the price of oil, one of Canada’s major exports, rose amid Middle East tensions and a big fall in U.S. crude stocks. But prices faced downward pressure from weak manufacturing data in Western nations indicating slowing economic growth that could reduce fuel demand. U.S. crude oil futures were up 1.3 per cent to $56.63 a barrel.

The steady profile for the loonie came as European Central Bank President Mario Draghi offered a glimmer of optimism about his outlook on the euro zone economy, pressuring the U.S. dollar against a basket of major currencies, including the euro.

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