Canadian Financial Close: Loonie stands pat

By Glen Hallick

Glacier Farm Media | MarketsFarm – The Canadian dollar was unchanged on Friday as weakness in the United States and crude oil countered each other.

The loonie remained at Thursday’s close of US$0.7231 or US$1=C$1.3829. Meanwhile, the U.S. Dollar Index lost 0.584 of a point at 97.720.

Benchmark crude oil prices pulled back on Friday, due to lower-than-expected U.S. crude inventories, a lacklustre U.S. jobs report and the growing likelihood of an OPEC+ output increase next month.

West Texas Intermediate lost US$1.44 at US$62.04 and Brent crude was down US$1.33 at US$65.66 per barrel.

Statistics Canada reported unemployment in August bumped up to 7.1 per cent and the U.S. Bureau of Labor Statistics said unemployment there nudged up to 4.3 per cent.

Prime Minister Mark Carney announced a series of measures to counter U.S. tariffs, including a C$5 billion Strategic Response Fund, more loan flexibility for businesses, and C$370 million for canola producers pertaining to biofuel production.

The TSX Composite Index climbed 134.74 points on Friday to close at 29,050.63, a new all-time record high.

Gold advanced US$34.60 at US$3,641.30 per ounce.