Loonie Sees Small Uptick as US Dollar Steps Back

The Canadian dollar experienced a slight increase on Friday morning as the US dollar retreated. The loonie's value rose to $0.7024 or $1=C$1.4237, up from Thursday's close of $0.7021 or $1=C$1.4243.

This movement comes amidst a decline in crude oil prices, with West Texas Intermediate dropping to $89.32 per barrel and Brent crude falling to $99.70/barrel. The Trump administration's demand for the European Union to release more of its diesel fuel reserves contributed to this decrease.

Despite the addition of 29,000 jobs in the US, unemployment nudged up a tenth of a point at 4.2 per cent in September, according to the Bureau of Labour Statistics. This is relevant as Statistics Canada is scheduled to release its labour force survey for September on October 9.