Canadian Dollar and Business Outlook: Loonie up, crude oil fades

Glacier FarmMedia MarketsFarm – The Canadian dollar sought to end the week on a high note.

The loonie was at US$0.7331 or US$1=C$1.3641 as of 8:41 a.m. CDT, compared to US$0.7300 or US$1=C$1.3698 on Thursday.

The United States Dollar Index dropped 0.46 of a point at 104.84. U.S. employers added 175,000 jobs in April, according to the Labor Department, short of the 303,000 added in March and the 240,000 estimated for last month. The unemployment rate was relatively unchanged, up 0.1 of a point at 3.9 per cent.

Crude oil continued to ease off as war premiums fade. Brent crude oil was down US$0.21 at US$83.46 per barrel. West Texas Intermediate (WTI) dropped US$0.34 at US$78.61/barrel.

The TSX/S&P Composite Index gained 115.31 points at 21,938.53.

Gold lost US$7.40 at US$2,302.20 per ounce this morning.