By MarketsFarm
WINNIPEG, Nov. 8 (MarketsFarm) – The Canadian dollar was weaker Friday morning after Statistics Canada released its latest jobs report which contained something unexpected.
As of 8:36 CDT, the Canadian dollar was at US$0.7555 or C$1.3235. That compares to Thursday’s North American close of US$0.7588 or C$1.3179.
The markets were surprised when Statistics Canada found the country’s job market shrunk by 1,800 jobs rather than adding 15,000 as expected. Furthermore, full-time positions dropped by 16,100 although there were 14,300 more part-time jobs. The unemployment rate remained at 5.5 per cent.
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Crude oil prices were lower Friday morning due to concerns OPEC and its allies might not go ahead with further production cuts that would prevent a global oil glut. Also, the need for concrete action taken in regards to the United States/China trade deal weighed on values.
Brent crude oil fell US$1.12 at US$61.17 per barrel and West Texas Intermediate lost 97 cents at US$56.18 per barrel. Western Canadian Select was down 77 cents at US$33.32 per barrel.
At the start of trading on Friday, the TSX/S&P Composite Index opened flat with a gain of 6.20 points at 16,811.95.
Gold was down US$8.00 at US$1,460.50 per ounce.
