Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 5 (MarketsFarm) – The Canadian dollar was virtually unchanged on Friday morning, following a somewhat positive jobs report and higher crude oil prices, while the United States dollar gained strength.
As of 8:37 CDT, the Canadian dollar was at US$0.8032 or C$1.2451 compared to Thursday’s close of US$0.8033 or C$1.2449.
Statistics Canada reported on Friday that while job growth improved in October, it was not by as much as expected. The federal agency said about 31,200 jobs were added last month, versus the 41,600 economists forecast. Added to that, Canada’s labour force contracted by 25,000 people.
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On the U.S. Dollar Index, the greenback nudge up 0.094 at 94.435 points.
Benchmark crude oil prices were higher on Friday morning as the tiff over global production between the U.S. and the OPEC+ continued. The oil-producing alliance refused U.S. demands to increase its production above the planned 400,000 barrels per day starting in December.
West Texas Intermediate (WTI) gained US$1.11 at US$79.92 per barrel. Brent crude oil rose 86 cents at US$81.40 per barrel. Western Canadian Select (WCS) increased US$1.08 at US$60.81 per barrel.
At the opening, the TSX/S&P Composite Index nudged higher by 46.16 points at 21,388.29.
Gold was up US$3.40 at US$1,796.90 per ounce.
A reminder that Daylight Savings Time ends on Sunday at 2 am, with clocks to be set back one hour.
