Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, MB, Feb.9, 2018 (CNS Canada) – The Canadian
dollar opened lower Friday, as a release from Statistics Canada
showed 88,000 jobs were lost in January across the country.

At 9:03 CST Friday morning the Canadian dollar was at
US$0.7934 or C$1.2597, which compares with Thursday’s North
American close of US$0.7946 or C$1.2585.

Oil prices fell for the sixth straight day Friday, making
for the biggest weekly loss in six months. Record-high United
States crude output added to concerns about a sharp rise in

global supplies dragging the price down. Brent crude was down 64
cents to US$64.17 per barrel.

Canada lost 88,000 jobs in January giving the labour market
its steepest one-month drop in nine years, according to a
release by Statistics Canada Friday. The overall number was
dragged down by a loss of 137,000 part-time positions in what
was easily the category’s largest one-month collapse since the
agency started gathering data in 1976.

Wall Street opened sharply higher Friday as technology and
financial stocks rose, however the S&P 500 and Dow Jones
Industrial Average remained on track for their biggest weekly
losses in at least six years. The Dow Jones gained 227.03
points, or 0.95 per cent, to 24,087.49. The S&P 500 added 25
points, or 0.96 per cent, to 2,606. The Nasdaq Composite rose
78.71 points, or 1.16 per cent, to 6,855.86.

The Toronto TSX/S&P Composite Index seesawed at open Friday
as the financial and industrial groups rose, offsetting a
decline in gold mining shares and in Sierra Wireless Inc. after
the company reported a fourth quarter loss after the closing

bell on Thursday. The TSX/S&P gained 15.29 points, or 0.1 per
cent, to 15,080.90.


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