Canadian Dollar Surges Ahead of Labor Data;
TORONTO--The Canadian dollar surged Thursday, making its biggest one-day gain in nearly a month, as traders took profits ahead of a domestic labor report on Friday.</br></br>The U.S. dollar was at C$1.0319 Thursday, from C$1.0424 late Wednesday, according to data provider CQG. The greenback moved as low as C$1.0304 during intraday trading, the lowest level in more than a week.</br></br>The Canadian dollar was on solid footing early on Thursday after strong Chinese trade figures for July. Chinese exports were up 5.1% on the year, while imports rose 11%, a sign that suggests both global and domestic Chinese demand may be picking up.</br></br>Commodity currencies, including the Australian and Canadian dollars, reacted strongly to the Chinese data, which "was surprising given the progressively more sour views on Chinese growth lately," said Greg Moore, currency strategist at TD Securities in Toronto.</br></br>Mr. Moore said the current focus on foreign exchange markets remains on the U.S. dollar, and any other piece of information that could signal what the Federal Reserve's next move will be.