Compiled by Glen Hallick, MarketsFarm
WINNIPEG, July 8 (MarketsFarm) – The Canadian dollar made a small gain on Friday, due to improved crude oil prices and despite mixed news about unemployment in the country.
The loonie closed at US$0.7711 or US$1=C$1.2968, compared to Thursday’s close of US$0.7701 or US$1=C$1.2986.
While Canada’s rate of unemployment fell to 4.9 per cent, for a low unseen since 1976, the amount of people looking for work shrank by approximately 100,000, according to Statistics Canada. As economists expected the number of jobs to increase to 22,500, the federal agency reported 43,200 were lost instead.
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On the U.S. Dollar Index, the greenback lost 0.194 of a point at 106.765.
Benchmark crude oil prices were higher on Friday on news of reduced unemployment in the U.S. that improved the country’s economic outlook.
Brent crude oil gained US$2.44 at US$107.09 per barrel. West Texas Intermediate (WTI) crude oil increased US$2.07 at US$104.80 per barrel. Western Canadian Select (WCS) advanced US$2.44 at US$82.84 per barrel.
The TSX Composite Index stepped back 40.31 points to finish Friday at 19,022.86.
Gold nudged up US$1.20 at US$1,740.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.34
Farmers Edge Inc. dn $ 0.12 at $ 1.53
Linamar Corp. dn $ 0.33 at $ 56.25
Maple Leaf Foods dn $ 0.06 at $ 26.37
Nutrien Ltd. dn $ 1.06 at $ 98.83
Ritchie Bros Auctioneers Inc. up $ 0.50 at $ 85.19
(All figures are in Canadian dollars.)
