WINNIPEG – The Canadian dollar ended the week on a positive note, hitting an 11-day high, despite negative economic news from Statistics Canada (StatCan).
The loonie closed at US$0.7672 or US$1=C$1.3035, up from US$0.7624 or US$1=C$1.3116 on Thursday. StatCan released a report today saying that the country lost 39,700 jobs in August, raising the unemployment rate to 5.4 per cent. Economists had previously anticipated a 15,000 gain in August. StatCan also reported that 11.9 per cent of full-time employees are considering leaving their current job, compared to 6.4 per cent when asked in January.
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The United States Dollar Index declined 0.73 of a point to 108.98.
Crude oil prices were significantly higher on Friday due to a weakened U.S. dollar. Brent crude oil jumped US$3.16 per barrel to US$92.16. West Texas Intermediate (WTI) crude oil rose US$2.67 at US$86.21/barrel. Western Canadian Select (WCS) gained US$3.19 per barrel to US$65.99.
The TSX/S&P Composite Index had its first weekly gain since mid-August after climbing 360.34 points on Friday to 19,773.34.
Gold added US$6.70 at US$1,726.90 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.13
Farmer’s Edge Inc. unchanged at $ 0.54
Linamar Corp. up $ 0.75 at $ 65.13
Maple Leaf Foods up $ 0.26 at $ 23.16
Nutrien Ltd. up $ 4.38 at $123.80
Ritchie Bros Auctioneers Inc. up $ 0.36 at $ 89.23
(All figures are in Canadian dollars.)
