By Commodity News Service Canada
Winnipeg, May 8 – The Canadian dollar was slightly stronger against its American counterpart Friday morning, as gains in the gold and oil sectors offset weak unemployment news.
At 8:55 CDT Friday morning, the loonie was up 0.0003 of a cent to US$0.8257 or US$1 = C$1.2111. The Canadian economy shed nearly 20,000 net jobs last month as the national unemployment rate held steady at 6.8 percent in April for the third straight month. Dips in the trade and construction sectors were blamed for the majority of the declines.
In contrast, the US economy added 223,000 jobs in April which suggests their economy is in recovery.
Toyota says it expects profits to rise 3.5 percent this fiscal year. Sales in the US are expected to lead the way with a 4.2 percent increase over last year.
On the commodity markets the June crude contract in New York rose US$0.79 to US$59.73 a barrel. The June gold contract climbed $7.40 to US$1,1189.60 an ounce.
At 8:55 CDT Friday morning, the TSX was down 27.11 points to 15,115.40.
