Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, MB, Jan. 5, 2018 (CNS Canada) – The Canadian
dollar rose Friday morning as data from Statistics Canada showed
the country’s unemployment rate was at its lowest level in more
than 40 years.

At 9:03 CST Friday morning the Canadian dollar was at
US$0.8076 or C$ 1.2381, which compares with Thursday’s North
American close of US$0.7990 or C$1.2515.

The unemployment rate fell to its lowest level in more than
40 years as Canada closed out a calendar year which saw it

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produce jobs at the fastest pace since 2002. The Statistics
Canada release Friday showed the unemployment rate had dropped
to 5.7 per cent in December, down from 5.9 per cent in November.
This is the lowest it has been since comparable data became
available in 1976.

In the United States the jobs data showed only 148,000 jobs
were added in December, which was less than expected, according
to a release from the Bureau of Labor Statistics. The
unemployment rate stayed at 4.1 per cent, a 17-year low. A
plunge in retail jobs weighed on the labour market as brick-and-
motor stores continued to close.

Oil prices fell Friday, dropping from highs last seen in
2015, as soaring U.S. production undermined a 10 per cent rally

from December which was driven by tightened supply and political
tensions in Organization of Petroleum Exporting Countries member
Iran. Brent crude future lost 50 cents, or 0.7 per cent, to
US$67.57.

Wall Street opened at record levels Friday as investors
looked beyond weaker-than-expected U.S. job additions in
December and took support from signs of a pick-up in wage
growth. The Dow Jones Industrial average gained 52 points, or
0.21 per cent, to 25,127.13. The S&P 500 added 8.21 points, or
0.30 per cent, to 2,732.2. The Nasdaq Composite rose 27.70
points, or 0.39 per cent, to 7,105.62.

The Toronto TSX/S&P Composite Index slipped Friday, weighed
down by losses in the stocks for energy companies and other
natural resources as oil prices retreated, while marijuana
producers also extended losses following Thursday’s toughening
of U.S. federal law. The TSX/S&P dropped 80.29 points, or 0.49
per cent, to 16,332.65 shortly after open.