Canadian Dollar And Business Outlook

By Commodity News Service Canada

WINNIPEG, September 2 (CNS Canada) The Canadian dollar strengthened against its US counterpart Friday morning, rising with crude oil on weaker US jobs data.

After two straight months of gains, US employment growth slowed more than expected in August, possibly ruling out a US interest rate hike.

The loonie also received support as Canada’s trade deficit narrowed from a record C$4.0 billion in June to C$2.5 billion in July as non-energy exports recorded the strongest advance in seven months, according to Statistics Canada.

At 8:55 CDT Friday, the Canadian dollar was at US$0.7688 or US$=C$1.3007, which compares with Thursday’s North American close of US$0.7642 or US$1=C$1.3086.

The TSX was up 128.04 points, or 0.87 per cent, at 8:55 CDT Friday morning to sit at 14,811.95.