Canadian Financial Close: Loonie climbs with unexpected job news, gains in crude

StatsCan, OPEC+ pull off surprises

By MarketsFarm

WINNIPEG, June 5 (MarketsFarm) – The Canadian dollar was higher on Friday, due to a surprising employment report and strong gains in crude oil.

The loonie finished the day at US$0.7447 or US$1=C$1.3429, compared to Thursday when it closed at US$0.7403 or US$1=C$1.3508.

Statistics Canada reported today that the country’s economy gained almost 290,000 jobs in May. Expectations had been for a loss of 500,000 jobs. Approximately 75 per cent of the jobs added in May were full-time. However, Canada’s unemployment rate increased to 13.7 per cent.

Benchmark crude oil prices were higher on Friday as the OPEC+ alliance is set to discuss extending production cuts during at video conference tomorrow. Strong job growth added to the increases, as the United States saw its unemployment rate drop from 14.7 per cent in April to 13.3 per cent in May.

Brent crude oil leapt US$2.02 at US$42.01 per barrel. West Texas Intermediate (WTI) crude oil gained US$1.77 at US$39.18 per barrel. Western Canadian Select (WCS) jumped US$2.77 at US$30.56 per barrel.

The TSX Composite Index vaulted 326.20 points on Friday, to close at 15,854.07.

Gold lost US$29.52 at US$1,684.49 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.49
Linamar Corp. up $ 0.47 at $ 41.75
Maple Leaf Foods up $ 0.06 at $ 25.63
Nutrien Ltd. up $ 1.84 at $ 51.38
Ritchie Bros Auctioneers Inc. up $ 0.18 at $ 58.46
Rocky Mountain Dealerships Inc. up $ 0.29 at $ 5.27
(All figures are in Canadian dollars.)

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