Loonie Falls Back as US Dollar Gains Ground

The Canadian dollar weakened against its US counterpart on Friday morning after a series of losses for the Loonie. As of 8:38 am CDT, the Canadian dollar was trading at US$0.7219 or US$1=C$1.3854, down from Thursday's close of US$0.7252 or US$1=C$1.3789.

The decline in the Canadian dollar comes as the U.S. Dollar Index gained 0.215 of a point at 99.095. This shift in market dynamics may be attributed to various factors, including economic indicators and global events.

Crude oil prices also pulled back on Friday morning, with West Texas Intermediate losing US$1.03 at US$90.27 per barrel and Brent crude down 96 cents at US$94.56. The job market in both Canada and the United States saw changes, with Statistics Canada reporting a loss of 42,000 jobs in August, while the U.S. Bureau of Labor Statistics reported an addition of 162,000 jobs last month.

The TSX/S&P Composite Index also experienced a decline, dropping by 132.13 points on Friday morning at 36,500.99. Additionally, gold prices lost US$93.00 at US$4,446.90 per ounce.