Loonie down a little as traders hang tight for US, Canadian jobs numbers

TORONTO – The Canadian dollar was lower Tuesday, but only slightly, as traders look to the U.S. and Canadian jobs numbers due at the end of the week.

The loonie fell 0.16 of a cent to end at 101.60 cents US.

The loonie “is moving back to trading on the major market themes of Europe, global growth and the global central bank response,” said Camilla Sutton, chief currency strategist at Scotiabank.

The workforce numbers are likely to provide a better glimpse of the economy, which has been wracked with uncertainty — most recently by the possibility that Spain may soon move ahead with a bailout request.

The country’s prime minister downplayed expectations that he will turn to the eurozone for help as early as the weekend.

In commodities, gold backed off a seven-month high with December bullion falling $7.70 to close at US$1,775.60 an ounce. The December contract for copper rose 1.6 cents to US$3.80 a pound. Copper is viewed as an economic barometer because it is used in so many industries.

November crude on the New York Mercantile Exchange moved down 59 cents to US$91.89 a barrel.