Canadian dollar and business outlook
By Commodity News Service Canada
WINNIPEG, October 9 – The Canadian dollar strengthened against
its US counterpart Friday as crude oil extended gains.
At 8:50 a.m. CDT the Canadian dollar was at US$0.7703 or C$1.2982
which compares with Thursday’s North American close of US$0.7682,
or C$1.3017.
Brent crude oil futures were down in early activity, but
analysts say it is set to gain about ten per cent over the course
of the week.
In Canadian domestic data, employment was little changed for
the fourth consecutive month in September. The unemployment rate
increased by 0.1 percentage points to 7.1 per cent, as more people
participated in the labour market, Statistics Canada said in a report
on Friday.
In other domestic data, Canada produced 19.7 million cubic
metres of crude oil and equivalent products in July, up seven per
cent from the same month a year earlier, according to StatsCan.
The TSX was stronger in early activity, up 57.65 points at 8:50
a.m. CDT to sit at 14,036.31.