Canadian Dollar and Business Outlook: Loonie up, unemployment down

Glacier FarmMedia | MarketsFarm – The Canadian dollar was on the rise after the release of welcome economic data on Friday morning.

The loonie was at US$0.6994 or US$1=C$1.4298 as of 8:36 a.m. CST, compared to Thursday’s close at US$0.6982 or US$1=C$1.4322. Statistics Canada reported on Friday that Canada added 76,000 jobs in December, bringing the unemployment rate down to 6.6 per cent from 6.7 per cent in November.

The United States Dollar Index gained 0.16 of a point at 107.85.

Crude oil moved upwards on Friday morning as the Trump administration announced sanctions on Iranian crude exports. Brent crude oil increased US$0.61 at US$74.90 per barrel. West Texas Intermediate (WTI) advanced US$0.68 at US$71.29/barrel.

The TSX/S&P Composite Index was down 47.79 points at 25,486.70.

Gold grew US$21.00 per ounce at US$2,897.70.