TORONTO _ The Canadian dollar was lower amid a strengthening greenback as U.S. job creation for February beat expectations.
The loonie moved down 0.25 of a U.S. cent to 79.71 cents as the U.S. Labor Department announced that the economy created 295,000 jobs during the month, much higher than the approximately 245,000 that economists expected.
Canadian employment data for February will be released March 13.
Other data showed that U.S. wage growth during February was up just 0.1 per cent.
Analysts said wage increases would be the most closely-watched data from the U.S. employment report; the slow pace of wage growth has been a disappointment so far. Stronger wage growth would likely add to pressure on the Fed to raise borrowing rates this year for the first time since the 2008 global financial crisis. Analysts believe the Fed could move to hike rates as early as June.
In other economic news Friday, there was positive data from Europe's largest economy as German industrial production rose by 0.6 per cent in January, higher than the 0.5 per cent month on rise that was expected.
That data came out a day after European Central Bank president Mario Draghi said the ECB had upgraded its growth forecast for the eurozone in 2015 to 1.5 per cent from 1.0 per cent.
Draghi added that the central bank expects the economic recovery to broaden and strengthen.
On the commodity markets, oil prices headed lower with the April crude contract in New York 21 cents lower to US$50.55 a barrel.
April bullion was down $12.30 to US$1,183.90 an ounce while May copper was unchanged at US$2.65 a pound.