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Canadian Dollar and Business Outlook: Bump U.S. unemployment gives boost to loonie

Jobless claims up instead of down

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, July 22 (MarketsFarm) – The Canadian dollar was slightly higher on Thursday morning as the United States dollar weakened on poor jobs data.

As of 8:40 CDT, the Canadian dollar was at US$0.7955 or C$1.2572 compared to Wednesday’s close of US$0.7943 or C$1.2589.

On the U.S. Dollar Index, the greenback lost 0.229 at 92.530 points.

The U.S. Department of Labor reported an uptick in unemployment insurance claims for the week ended July 17. At 419,000, jobless claims increased by 51,000 compared to the previous week. Analysts expected claims to pull back to about 350,000.

Global benchmark crude oil prices were higher on Thursday morning, as demand is recovering from the COVID-19 pandemic.

West Texas Intermediate (WTI) gained 56 cents at US$70.86 per barrel. Brent crude oil rose 49 cents at US$72.72 per barrel. Meanwhile, Western Canadian Select (WCS) lost 13 cents at US$56.67 per barrel.

At the opening the TSX/S&P Composite Index slips back 37.77 points at 20,072.28.

Gold was down US$2.20 at US$1,801.20 per ounce.

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