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The Canadian dollar strengthened to a five-week high against its US counterpart on Friday as domestic data showing a bigger-than-expected jobs gain in August reduced investor expectations for a Bank of Canada interest rate cut next month.

Canada's economy added 81,100 jobs in August, largely driven by increases in part-time work, Statistics Canada data showed. That was much more than the 15,000 increase that analysts had expected.

At 3:05 pm (1905 GMT), the Canadian dollar was trading 0.4% higher at 1.3172 to the greenback, or 75.92 US cents. The currency touched its strongest level since July 31 at 1.3159. For the week, it was up 1.0%, its first advance since the first half of July.

Copyright Reuters, 2019


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