Canadian Dollar and Business Outlook: Job growth gives loonie a boost

By Commodity News Service Canada

WINNIPEG, Feb. 8 (CNS Canada) – The Canadian dollar is up Friday morning as Statistics Canada reported good job growth for January.

At 8:53 CST Friday morning the Canadian dollar was at US$0.7540 or C$1.3259, which compares with Thursday’s North American close of US$0.7527 or C$1.3285.

Canada saw a net gain of 67,000 jobs in January, according to Statistics Canada on Friday. There were more than 99,000 jobs added to services, which were offset by job losses in the goods producing industries.

The TSX/S&P Composite Index opened down 86.41 points Friday morning at 15,616.95 points, following the lead of the major stock markets in the United States.

Based on continuing concerns of a global economic slowdown, the Dow Jones opened with a drop of 128.00 points to start Friday at 25,041.53. The NASDAQ lost 48.11 points at 7,240.24 and the S&P 500 slipped 11.99 points to begin trading at 2,694.06 points.

Oil prices are up Friday morning. West Texas Intermediate crude is at US$52.95 per barrel after closing Thursday at US$52.64 per barrel. Brent crude oil is up 57 cents per barrel this morning to US$62.20 per barrel.

Gold is up US$2.70 Friday morning to US$1,316.90 per ounce.

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