Canadian Dollar and Business Outlook: Loonie a little lower

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar pulled back on Friday morning in the aftermath of sudden changes to United States tariffs.

As of 8:37 am CST, the loonie was at US$0.6966 or US$1=C$1.4353 compared to Thursday’s close of US$0.6989 or US$1=C$1.4309. On the U.S. Dollar Index, the greenback was down 0.403 of a point at 103.280.

U.S. President Donald Trump agreed yesterday to pause to tariffs on imports from Canada and Mexico that are covered by Canada-U.S.-Mexico Agreement until April 2.

Statistics Canada reported on Friday the country’s unemployment rate held at 6.6 per cent in February. While 19,700 full-time jobs were lost last month, 20,800 part-time jobs were added.

Benchmark crude oil prices were higher on Friday morning after Russia’s deputy prime minister suggested OPEC+ might take a different direction after its output increase next month. The upticks in crude were tempered by the ‘fluidity’ in Trump’s tariff policies.

Brent crude oil added US$1.39 at US$70.85 per barrel and West Texas Intermediate gained US$1.26 at US$67.62.

The TSX/S&P Composite Index tacked on 35.17 points at 24,619.21.

Gold dipped US$1.70 at US$2,924.90 per ounce.