Canadian Dollar and Business Outlook: Loonie hits 82 cents U.S.

WINNIPEG – The Canadian dollar surpassed the 82 cents U.S. mark on Friday morning despite underwhelming economic data on both sides of the border.

As of 8:37 a.m. CDT, the loonie was at US$0.8175 or US$1=C$1.2232 compared to US$0.8197 or US$1=C$1.2200 when markets closed on Thursday. Statistics Canada reported earlier today that Canada lost 207,000 jobs in April and the unemployment rate rose to 8.1 per cent due to COVID-19 restrictions. In the U.S., payrolls increased by 266,000 in March, much lower than the estimated 770,000, according to the Labor Department.

Benchmark oil prices slightly declined this morning amid COVID-19 pandemic concerns. Brent crude lost US$0.42 per barrel to US$67.67. West Texas Intermediate (WTI) dropped by US$0.50 to US$64.21/barrel. Western Canadian Select (WCS) slipped back by US$0.56 at US$51.14/barrel.

The TSX/S&P Composite Index increased by 78.93 points to 19,369.91.

Gold jumped by US$14.87 per ounce to US$1,830.39 due to both a weakened U.S. dollar and declines in U.S. Treasury bond yields.

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