Loonie Surges on Strong Jobs Report
The Canadian dollar strengthened against its US counterpart on Friday due to positive economic news. According to Statistics Canada, the country added 75,000 jobs in July, with unemployment falling to 6.4%, its lowest level in two years.
This good news contributed to a rise in the loonie, which reached $0.7161 or US$1=C$1.3965 as of 8:37 a.m. CDT. This marks an increase from Thursday's close of $0.7134 or US$1=C$1.4018.
The United States Dollar Index was down 0.47 of a point at 99.47. Meanwhile, crude oil prices were slightly lower, with Brent crude oil down $0.46 at $82.03 per barrel and West Texas Intermediate declining $0.23 at $77.06/barrel.
The TSX/S&P Composite Index jumped 205.57 points to 36,341.88, while gold surged $112.50 per ounce to $4,411.80.