Canadian Dollar and Business Outlook: Jobs, unemployment up in Canada

Glacier FarmMedia MarketsFarm – The Canadian dollar continued to rise on Friday morning, coinciding with the release of new Canadian employment data.

The loonie was at US$0.7433 or US$1=C$1.3454 as of 8:31 a.m. CST, compared to US$0.7422 or US$1=C$1.3474 on Thursday. Statistics Canada reported this morning that while Canada added 41,000 jobs in February, the unemployment rate rose to 5.8 per cent. It is the fifth straight month the rate went up, the longest period since 2009.

Most of the country will switch over to Daylight Saving Time early Sunday.

The United States Dollar Index was down 0.24 of a point at 102.58.

Crude oil prices were lower on Friday. Brent crude oil was down US$0.21 at US$82.75 per barrel. West Texas Intermediate (WTI) dropped US$0.24 at US$78.69/barrel. Prices are on track for their least volatile week since 2021.

The TSX/S&P Composite Index gained 54.89 points at 21,849.45.

Gold rose US$11.40 at US$2,176.60 per ounce, reaching another record high price.