Canadian Dollar and Business Outlook: Loonie falls after unemployment report

Glacier FarmMedia MarketsFarm – The Canadian dollar tumbled on Friday due to the stronger United States dollar.

The loonie was at US$0.7334 or US$1=C$1.3635 as of 8:58 a.m. CDT, compared to US$0.7405 or US$1=C$1.3504 on Thursday. Statistics Canada reported on Friday that the country’s unemployment rate jumped to 6.1 per cent in March, compared to 5.8 per cent in February, its largest monthly rise in nearly two years.

The U.S. Dollar Index rose 0.51 of a point at 104.63.

Crude oil prices continued to move upwards. Brent crude oil increased US$0.26 at US$90.91 per barrel. West Texas Intermediate (WTI) added US$0.13 at US$86.72/barrel.

The TSX/S&P Composite Index climbed 106.16 points at 22,157.95.

Gold gained US$8.60 at US$2,317.10 per ounce, approaching record-highs.