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TORONTO: The Canadian dollar weakened against its US counterpart on Friday, pulling back from an eight-month high the day before, as the greenback broadly climbed and after data showed a surprise drop in Canadian jobs in June.

Canada's economy shed a net 2,200 jobs in June after two months of gains, but wages jumped by the most in more than a year - a sign of strength analysts said ruled out the chances of the Bank of Canada cutting interest rates next week.

Chances that the central bank would cut rates this year slipped to less than 20pc from about 25pc before the jobs data.

The easing of Bank of Canada rate cut expectations came as data showed a strong rebound in US job growth. US and Canadian bond yields and the US dollar climbed after the US data.

At 9:19 a.m. (1319 GMT), the Canadian dollar was trading 0.4pc lower at 1.3102 to the greenback, or 76.32 US cents. The currency, which on Thursday notched an eight-month high at 1.3038, traded in a range of 1.3045 to 1.3130.

For the week, the loonie was on track to dip 0.1pc.

The Canadian dollar will edge higher against the greenback over the coming year, as a recovering domestic economy forestalls Bank of Canada interest rate cuts despite expected easing from the US Federal Reserve, a Reuters poll predicted.

The price of oil, one of Canada's major exports, declined on Friday after weaker-than-expected German data added to worries about the global economy.

US crude oil futures were down 0.4pc at $57.09 a barrel.

Canadian government bond prices were lower across the yield curve in sympathy with US Treasuries. The two-year fell 11 Canadian cents to yield 1.581pc and the 10-year was down 78 Canadian cents to yield 1.552pc.

The 10-year yield touched its highest intraday since May 30 at 1.555pc.

Copyright Reuters, 2019