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C$ flat as oil price rise offsets weak jobs report

* Canadian dollar trades nearly unchanged to the greenback * Canada’s economy lost net 24,200 jobs in July * U.S. crude oil futures rise 2.5% * Bond prices move higher across maturity curve By Levent Uslu TORONTO, Aug 9 (Reuters) – The Canadian dollar on Friday dropped against its U.S. counterpart after a weaker-than-expected monthly employment report before recovering to trade largely unchanged on the back of a jump in oil prices. Canada’s economy lost a net 24,200 jobs in July, after shedding 2,200 in the previous month, domestic data showed. The unemployment rate edged up to 5.7%. Analysts surveyed by Reuters had expected the economy to add 12,500 jobs last month. At 9:30 a.m. (1330 GMT), the Canadian dollar was trading nearly unchanged at 1.3224 to the greenback, or 75.63 U.S. cents. The currency was trading in range of 1.3208 to 1.3275. The currency found support from the price of oil, one of Canada’s major exports. On Friday, U.S. crude oil futures were up 2.5% at $53.87 a barrel, supported by expectations of more OPEC production cuts. Other Canadian data showed the seasonally adjusted annualized rate of housing starts rose to 208,970 units in July from 205,765 units in June, beating estimates for a decline of 203,500. Canadian government bond prices were higher across the yield curve in sympathy with U.S. treasuries. The two-year rose 7.5 Canadian cents to yield 1.322% and the benchmark 10-year was up 36 Canadian cents to yield 1.206%. (Reporting by Levent Uslu Editing by Paul Simao)


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