Glacier FarmMedia | MarketsFarm – Mixed economic news did little to move the Canadian dollar in any direction on Friday morning.
The loonie was at US$0.7306 or US$1=C$1.3687 as of 8:19 a.m. CDT, compared to Thursday’s close at US$0.7308 or US$1=C$1.3683.
United States President Donald Trump said on Thursday that he plans to impose a blanket 35 per cent tariff on Canadian imports and will increase the levies if Canada retaliates. Prime Minister Mark Carney said Canada will negotiate with the U.S. prior to a revised deadline of Aug. 1.
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Canadian Financial Close: Loonie unchanged, crude oil surges
Glacier FarmMedia | MarketsFarm – The Canadian dollar was unchanged on Friday but ended the week more than four-tenths of a United…
Statistics Canada reported today that Canada added 83,100 jobs in June, exceeding expectations and dropping the unemployment rate to 6.9 per cent. Economists believe the chances of a rate cut from the Bank of Canada at their July 30 rate announcement have been diminished.
The United States Dollar Index improved 0.18 of a point at 97.83.
Crude oil prices were higher due to summer demand and potential U.S. sanctions against Russia. The International Energy Agency also forecast a tighter global oil market than expected and Russia said it plans on compensating for excess oil production, which may include a gasoline export ban.
Brent crude oil was up US$0.82 per barrel at US$69.46/barrel. West Texas Intermediate gained US$0.81 at US$67.38/barrel.
The TSX/S&P Composite Index was down 71.96 points at 27,010.34.
Gold jumped US$39.40 per ounce at $3,365.10.
