Loonie's lift linked to Labor

The monetary unit of Canada hurtled to its top value in 90 days against its southerly rival on Friday, prompted by uplifting developments regarding the U.S. job market, Bloomberg reports.

Unemployment in the U.S., a top trade partner to Canada, dropped to its lowest rate in three years. Now standing at 8.3 percent, the jobless rate sank more than observers had forecast. The value of the loonie on foreign exchange markets initially fell against the greenback earlier in the trading session but then gained as it barreled toward a fourth consecutive week of gains.

"You should see riskier assets performing relatively well today," economist and foreign-exchange strategist Charles St-Arnaud with Nomura Securities in New York told Bloomberg. "The Canadian dollar reversed all of the weakness that we saw after the labor-force survey in Canada, which was relatively weak."

The Canadian dollar's four straight weeks of gains against the U.S. dollar matches the monetary unit's lengthiest winning streak since October 2011.

Reuters reports the positive results of the U.S. jobs report trumped less-than-stellar results of jobs data from Canada as far as the value of the loonie's performance is concerned.