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A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto in this January 23, 2015, file photo. The Canadian dollar pared earlier session losses against its U.S. counterpart on Tuesday, strengthening after data showed January growth was better than feared. REUTERS/Mark Blinch/FilesMARK BLINCH/Reuters

The loonie gained 0.215% on Friday, closing at 78.87 cents US, up .0017 from Thursday's close. The loonie gained after Statistics Canada reported that the economy lost 6,400 jobs in June against a projected 10,000, while the number of full-time jobs increased by 64,800.

This upbeat news comes amid warnings from the International Energy Agency of a massive oversupply of oil. Crude prices were volatile as the agency reported that world oil supply had increased by 550,000 barrels per day in June and warned that global oil demand would likely slow in 2016, dropping some 200,000 barrels-per-day from 1.4 million b/d this year to 1.2 million b/d next year.

World stocks rallied on Friday and major currencies strengthened against the dollar as Greek Exit concerns subsided due to last minute concessions by Athens on a new bailout package that would keep Greece solvent and within the Eurozone.

Chinese markets also improved as a host of government support and stabilizing measures took effect, adding to the global rally.

In a speech on Friday, US Fed Chair Janet Yellen indicated that she still does expect an interest rate hike later this year although she stressed that inflation is "highly uncertain" which could either delay or hasten the timing of that hike.


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