By Commodity News Service Canada
Winnipeg, March 13 – The Canadian dollar was lower against its US counterpart Friday morning, as traders positioned themselves before the weekend.
At 8:50 CST Friday, the Canadian dollar was at US$0.7830 or US$=C$1.1277 which compares with Thursday’s North American close of US $0.7872, or US$=C$1.12703.
New information shows the Canadian economy lost 1,000 jobs during the month, less than the 5,000 reading that economists were expecting.
The Russian Central Bank cut its key interest rate by a full percentage point to 14 percent in a bid to aid its faltering economy.
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Russia’s GDP is widely expected to decline by between 3.5 to 4 percent this year.
Speculators and analysts will also be trying to gauge the intent of the US Federal Reserve which is scheduled to meet next week.
There is speculation the central bank will hike interest rates sooner than later.
On the commodity markets, April bullion dipped $4.70 to US$1,147.20 an ounce while May copper was unchanged at US$2.66 a pound.
The April crude oil contract fell US$1.00 to US$46.05 a barrel.
The TSX was down 56.44 points Friday morning at 8:50 CST, to sit at 14,714.28.
