Canadian dollar and business outlook

By MarketsFarm

WINNIPEG, Oct. 18 (MarketsFarm) The Canadian dollar was steady on Friday morning, as crude oil prices continued to gain strength.

At 8:15 CDT, the Canadian dollar was at US$0.7609 or C$1.3143, which compares with Thursday’s North American close of US$0.7609 or C$1.3143.

Canadian economists are debating the potential for an upcoming recession. The country’s economy has contracted for two consecutive quarters in 2019, but job growth remained strong. In September, the Canadian job market added 53,700 jobs to the economy.

Oil prices were higher on Friday, although stocks increased by 9.3 million barrels during the week ended Oct. 11. Brent Crude oil futures hovered around US$58 on Friday morning, up by 94 U.S. cents. West Texas Intermediate prices were in the US$52 range, up 50 U.S. cents.

The TSX gained at 8:45 CDT, up 15.63 points at 16,441.85. The S&P 500 Index was down 0.34 points to hit 2,997.74. Similarly, the Dow Jones lost 42.71 points at 26,982.93. The NASDAQ decreased, down 6.17 to hit 8,150.12.



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