ICE Canola Futures Rise with Oil Prices, Canadian Dollar Strengthens

Canola futures on the Intercontinental Exchange (ICE) received support from stronger comparable oils and traders squaring their positions ahead of the weekend. The price of crude oil rose by approximately $1 per barrel as markets await news about a new deal to reopen the Strait of Hormuz.

Other oil prices, such as Chicago soyoil and European rapeseed, were also higher, while Malaysian palm oil declined. Meanwhile, the Canadian dollar strengthened against the US dollar, gaining more than four-tenths of a cent compared to Thursday's close.

Statistics Canada reported that the country added 75,000 jobs in July, with an unemployment rate dropping to 6.4%, its lowest level in two years.