Canadian Dollar and Business Outlook: Jobs report boosts loonie

OPEC+ conference going ahead

By MarketsFarm

WINNIPEG, June 5 (MarketsFarm) – The Canadian dollar was higher on Friday morning due to surprisingly strong employment data from Statistics Canada.

As of 8:39 CDT, the Canadian dollar was at US$0.7463 or C$1.3393, compared to Thursday’s close of US$0.7403 or C$1.3508.

Statistics Canada reported the economy gained almost 290,000 jobs when economists predicted a loss of 500,000 just as lockdown measures were being eased back. Of the jobs added more than three-quarters were full-time. However, Canada’s unemployment rate still increased to 13.7 per cent.

Benchmark crude oil prices were stronger Friday morning as the OPEC+ alliance reached an agreement to have a video conference to discuss extending production cuts. After a good deal of back and forth between the OPEC+ members, including Iraq threatening a boycott, the meeting is scheduled for Saturday.

Brent crude oil jumped US$1.98 at US$41.97 per barrel. West Texas Intermediate (WTI) gained US$1.54 at US$38.95 per barrel. Western Canadian Select (WCS) leapt US$2.53 at US$30.32 per barrel.

At the opening, the TSX/S&P Composite Index rose 292.71 points at 15,820.58.

Gold fell US$27.28 at US$1,686.73 per ounce.

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