WINNIPEG – The Canadian dollar took a step back on Friday despite welcome economic news from Statistics Canada.
As of 8:37 a.m. CDT, the loonie was at US$0.7932 or US$1=C$1.2607, compared to Thursday’s closing value of US$0.7947 or US$1=C$1.2584. Canada’s central data agency reported on Friday that the economy added 72,500 jobs in March, reducing the unemployment rate to 5.3 per cent, the lowest level since 1976. The federal budget was tabled in the House of Commons on Thursday, which allows for an estimated C$31 billion in new spending over six years.
The United States Dollar Index surpassed the 100 point mark for the first time since March 2017, gaining 0.40 of a point at 100.15.
Benchmark crude oil prices were mixed on Friday. Brent crude oil lost US$0.21 per barrel at US$100.37. Meanwhile, West Texas Intermediate (WTI) added US$0.04 to US$96.07/barrel. Western Canadian Select (WCS) increased US$0.44 to US$84.04/barrel.
The TSX/S&P Composite Index advanced 27.37 points to 21,862.26.
Gold increased US$0.60 per ounce to US$1,938.40.
