Canadian Financial Close: Loonie up as U.S. markets tumble

Glacier FarmMedia — The Canadian dollar regained some ground on Friday as its United States counterpart struggled.

The loonie closed at US$0.7248 or US$1=C$1.3797, compared to US$0.7223 or US$1=C$1.3844 on Thursday. However, the closing rate paled in comparison to that of a week earlier at US$0.7297 or US$1=C$1.3704.

Tariff rates on the goods of numerous countries, including Canada, were imposed by U.S. President Donald Trump on Friday. The U.S. Labor Department reported that 73,000 jobs were added in June, below the trade estimate of 100,000. May and June totals were revised lower by a combined 258,000. In response, Trump said on social media he was firing Joe Biden-appointed Commissioner of Labor Statistics Erika McEntarfer “immediately.”

The U.S. Dollar Index lost 1.31 points at 98.66.

Crude oil prices also fell as OPEC+ begins to implement its planned output hike this month.

West Texas Intermediate shed US$2.07 per barrel at US$67.19. Brent crude oil sank US$2.22/barrel at US$69.48.

The TSX/S&P Composite Index subtracted 239.35 points to close at 27,020.43.

Gold jumped US$66.40 per ounce at $3,415.00.