Canadian Dollar and Business Outlook: Loonie turns weaker
Canuck buck falls below 71 U.S. cents
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar slid below 71 United States cents on Friday morning, following the latest unemployment report from Statistics Canada.
As of 8:37 am CST, the loonie was at US$0.7087 or US$1=C$1.4112 compared to Thursday’s close of US$0.7124 or US$1=C$1.4038. On the United States Dollar Index, the greenback was virtually unchanged at 105.705.
StatCan reported the country’s unemployment rate increased to 6.8 per cent in November, up from 6.5 per cent in October. Reports said the uptick will increase the likelihood of another rate cut by the Bank of Canada, to be announced on Wednesday.
Benchmark crude oil prices were lower on Friday morning, due to an oversupply of oil despite the OPEC+ output cuts. The alliance decided yesterday to extend their reductions to the end of 2026.
Brent crude oil gave up 69 cents at US$71.40 per barrel and West Texas Intermediate was also down 69 cents at US$67.61.
Shortly after Friday’s open, the TSX/S&P Composite Index climbed 102.20 points at 25,782.24.
Gold rose US$4.50 at US$2,653.00 per ounce.
