Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Oct. 7 (MarketsFarm) – The Canadian dollar was virtually unchanged on Friday morning, still feeling the pressure of a strong United States dollar but buoyed by reduced unemployment in Canada and small gains in crude oil prices.
As of 8:38 am CDT, the Canadian dollar was at US$0.7291 or C$1.3712, compared to Thursday’s close of US$0.7289 or C$1.3719.
On the U.S. Dollar Index, the greenback added 0.207 of a point at 112.400.
Statistics Canada reported this morning that unemployment dipped 0.2 of a point at 5.2 per cent as the country’s economy added 21,000 jobs in September. On the same note, the U.S. Department of Labor said the addition of 263,000 jobs in the U.S., trimmed unemployment by 0.2 at 3.5 per cent last month.
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Benchmark crude oil prices were modestly higher on Friday morning, continuing to ride forthcoming OPEC+ production cuts which made for the biggest weekly increase since March.
Brent crude oil gained US$1.26 at US$95.68 per barrel. West Texas Intermediate (WTI) rose US$1.08 at US$89.53/barrel. Western Canadian Select (WCS) bumped up 28 cents at US$64.79/barrel.
Shortly after the open the TSX/S&P Composite Index pulled back 155.02 points at 18,823.99.
Gold dropped US$11.10 at US$1,709.70 per ounce.
