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Canada’s main stock index reversed course to edge up on Friday, helped by gains in energy and materials, though concerns over rate hikes persisted after a U.S. jobs report indicated a resilient labor market.

At 10:26 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 40.32 points, or 0.2%, at 19,851.01.

The index eyes a weekly decline, after gaining close to 4% last week, as volatile commodity prices and prospects of more monetary policy pain weighed.

Data showed U.S. job growth slowed more than expected in June after surging in the prior month, but labor market conditions remained tight, with the unemployment rate retreating from a seven-month high and fairly strong wage gains continuing.

“From a valuation perspective, (Canada) looks a little bit better, but that doesn’t save it,” said Nicolas Katsiyianis, head of research at Eight Capital.

“If the U.S. falls off a cliff, everybody’s going to get hurt.”

The Canadian economy added far more jobs than expected in June, while the jobless rate rose to 5.4% as more people searched for work, data showed on Friday.

Separately, data showed Canadian economic activity expanded in June at the slowest pace in six months.

Economists said the Bank of Canada (BoC) needs to take into account duration of the Canadian dock workers’ strike that could weigh on its monetary policy decision, due next week, to battle inflation.

BoC will raise interest rates by a quarter-point for a second straight meeting, following a five-month pause earlier this year, according to a Reuters poll.

Energy sector gained 1.4% on higher crude prices.

Materials, which houses Canada’s major mining firms, climbed 1.3%, tracking higher metal prices.

Hudbay Minerals gained 7.1% after CEO said the miner was open to acquisition offers at “right price”.

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