Canadian Dollar Offers Buying Opportunity on Jobs Data, UBS Says

By Justin Carrigan

Jan. 11 (Bloomberg) -- The Canadian dollar may offer buying opportunities after the nation’s employers unexpectedly cut jobs last month, according to UBS AG.

The economy lost 2,600 positions in December, compared with a forecast gain of 20,000 and an increase of 79,100 jobs in November, a government report showed on Dec. 8.

“The release was disappointing but this may offer fresh entry levels for Canadian dollar-longs on the crosses as the economy continues to benefit from a U.S. recovery,” Brian Kim, a currency strategist at UBS in Stamford, Connecticut, wrote in an e-mailed report yesterday.

To contact the reporter on this story: Justin Carrigan in London at jcarrigan@bloomberg.net