Loonie declines, trading quiet with U.S. markets closed for Independence Day

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TORONTO – The Canadian dollar closed lower Friday in a quiet session with U.S. markets closed for the Independence Day holiday.

The loonie was down from session highs, off 0.15 of a cent to 93.84 cents US.

The gain followed a rise of 0.24 of a cent on Thursday in the wake of a much stronger than expected U.S. employment report for June and other data showing Canada’s trade deficit with the world narrowed in May.

The employment data increased optimism that the American economy will rebound significantly after severe winter weather pushed the economy into contraction in the first quarter.

Canadian jobs data for June will be released July 11.

Commodity prices were mixed in electronic trading on the New York Mercantile Exchange with August crude 29 cents lower at US$103.77 a barrel.

August gold bullion was 70 cents higher late Friday afternoon at US$1,321.30 an ounce, while September copper was down a cent at US$3.27 a pound.

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