Canadian Dollar and Business Outlook: Loonie up despite economic data

WINNIPEG – Despite a report from Statistics Canada that the Canadian economy lost 68,000 jobs in May, the Canadian dollar seemed to be unaffected by the news while the United States dollar retreated.

As of 8:41 a.m. CDT, the loonie was at US$0.8281 or US$1=C$1.2076 compared to US$0.8262 or US$1=C$1.2103 when markets closed on Thursday. Economists had predicted only 25,000 jobs to be lost, but COVID-19 restrictions on businesses likely impacted numbers.

Crude oil continued to rally on Friday. Brent crude jumped US$0.72 per barrel to US$72.03. West Texas Intermediate (WTI) advanced US$0.83 to US$69.64/barrel. Western Canadian Select (WCS) gained US$0.65 to US$55.02/barrel.

The TSX/S&P Composite Index surpassed the 20,000-point mark yet again today, increasing by 84.33 points to 20,025.72.

Gold’s roller coaster week continued as it had risen US$16.90 per ounce to US$1,890.20.


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