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Canadian Dollar and Business Outlook: Loonie steady, unemployment rate grows

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Glacier FarmMedia MarketsFarm – The Canadian dollar was unchanged on Friday morning.

The loonie was at US$0.7400 or US$1=C$1.3514 as of 8:33 a.m. CDT, the same as the Bank of Canada’s closing exchange rate on Thursday.

Statistics Canada reported that Canada’s unemployment rate rose to 6.6 per cent in August, compared to 6.4 per cent in July. However, the economy added 22,000 jobs, failing to match the pace of population growth.

The United States Dollar Index was unchanged at 101.10.

Crude oil was up slightly on Friday morning. Brent crude oil added US$0.31 at US$73.00 per barrel. West Texas Intermediate (WTI) gained US$0.36 at US$69.51/barrel.

The TSX/S&P Composite Index jumped 75.16 points at 23,063.44.

Gold declined US$4.40 per ounce at US$2,538.70.