By Glen Hallick
Glacier FarmMedia – The Canadian dollar was weaker on Friday, due to strength in the United States dollar and a poor jobs report from Statistics Canada. Gains in crude oil tempered the losses in the loonie.
The Canadian dollar finished at US$0.7291 or US$1=C$1.3716 compared to Thursday’s close of US$0.7344 or US$1=C$1.3617.
StatCan reported the country’s unemployment rate rose 0.2 of a point at 6.7 per cent in February. There were 84,000 fewer jobs that month when analysts projected an increase of 10,000 positions.
On the United States Dollar Index, the greenback advanced 0.746 of a point at 100.500, its highest point in eight months.
Benchmark crude oil prices were higher on Friday afternoon, as Iran continued attacking vessels in the Strait of Hormuz and reports said a U.S. Marine expeditionary force is moving into the area.
West Texas Intermediate climbed US$3.11 at US$98.84 per barrel, and Brent crude gained US$3.05 at US$103.51.
The TSX Composite Index dropped 298.67 points on Friday to finish at 32,541.93.
Gold fell US$107.00 at US$5,018.80 per ounce.
