Canadian Financial Close: Loonie firm thanks to jobs report

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Dec. 3 (MarketsFarm) – The Canadian dollar was virtually unchanged on Friday, after again dipping below 78 United States cents only to pull back up. A strong jobs report fended off pressure from weakening crude oil prices.

The loonie closed at US$0.7805 or US$1=C$1.2812, compared to Thursday’s close of US$0.7803 or US$1=C$1.2815.

Statistics Canada said employment in the country added nearly 154,000 jobs in November, far exceeding economists’ projections of about 37,500. That lowered Canada’s unemployment level from 6.7 to six per cent.

On the U.S. Dollar Index, the greenback was relatively firm with a small increase of 0.007 of a point at 96.165.

Benchmark crude oil prices were slightly higher on Friday, after the day started with good gains, but renewed market concerns over the Omicron strain eroded those larger increases.

Brent crude oil rose 54 cents at US$70.1` per barrel. West Texas Intermediate (WTI) crude oil was up five cents at US$66.55 per barrel. Western Canadian Select (WCS) lost US$1.11 at US$47.69 per barrel.

At the close, the TSX Composite Index retreated 128.76 points on Friday, to finish the week at 20,633.27.

Gold leapt US$22.70 at US$1,785.10 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.06
Farmers Edge Inc. dn $ 0.05 at $ 3.33
Linamar Corp. dn $ 1.52 at $ 73.16
Maple Leaf Foods dn $ 0.04 at $ 28.76

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