WINNIPEG – The Canadian dollar has dropped while oil prices resume their rallies over fears that the conflict in Ukraine has intensified.
As of 8:35 a.m. CST, the loonie was at US$0.7820 or US$1=C$1.2788, compared to US$0.7896 or US$1=C$1.2664 on Thursday.
The United States Dollar Index sharply rose, adding 1.03 points to 98.82, one of its highest levels in two years. The U.S. Labor Department announced on Friday that non-farm payrolls increased 678,000 in February, lowering the unemployment rate to 3.8 per cent.
A Russian attack on the Zaporizhzhia nuclear power plant in Ukraine, the largest in Europe, shocked markets Thursday night and continued to do so Friday morning. A fire at the site was contained and the chances of a meltdown are slim to none. Brent crude oil jumped US$3.89 per barrel to US$114.35. West Texas Intermediate (WTI) spiked US$5.38 to US$113.05/barrel. Western Canadian Select (WCS) advanced US$3.73 to US$100.03/barrel.
The TSX/S&P Composite Index was up 26.65 points to 21,277.06.
Gold climbed US$17.90 per ounce to US$1,953.80.
