WINNIPEG, Feb. 10 (MarketsFarm) – The Canadian dollar was higher on Friday morning, benefitting from a strong jobs report and upticks in crude oil.
As of 8:43 am CST, the loonie was at US$0.7483 or C$1.3361, compared to Thursday’s close of US$0.7448 or US$1=C$1.3427. On the U.S. Dollar Index, the greenback tacked on 0.124 of a point at 103.235.
Benchmark crude oil prices were higher on Friday morning after reports stated that Russia plans to cut its production by 500,000 per day and that its OPEC+ allies won’t make up the shortfall.
Brent crude oil gained US$1.09 at US$85.59 per barrel. West Texas Intermediate (WTI) tacked on 84 cents at US$78.90. Western Canadian Select (WCS) added US$1.19 at US$60.46.
Statistics Canada reported on Friday that approximately 150,000 jobs were added in January, 10 times more than the average prediction from analysts. However, Canada’s unemployment rate remained at five per cent.
Shortly after Friday’s open the TSX/S&P Composite Index lost 81.79 points at 20,597.75.
Gold dipped 60 cents at US$1,877.90 per ounce.
