Canola Futures Surge on Stronger Oils, Jobs Report Boosts Loonie

Canola futures on ICE surged into the weekend due to stronger comparable oils and traders squaring their positions ahead of the break. The Canadian dollar also gained over four-tenths of a US cent compared to Thursday's close, following Statistics Canada's report that the country added 75,000 jobs in July, with an unemployment rate dropping to 6.4 per cent.

Crude oil prices rose around $1 per barrel as markets await news on a new deal to reopen the Strait of Hormuz. Meanwhile, Chicago soyoil and European rapeseed were higher, while Malaysian palm oil declined.