Loonie Soars as Canada Adds 75,000 Jobs, Unemployment Hits Lowest Point

The Canadian dollar experienced a boost against its US counterpart on Friday, as Statistics Canada reported that the country added 75,000 jobs in July. This marks a significant improvement in employment rates, with unemployment falling to its lowest level in two years at 6.4 percent.

As a result of this positive economic news, the loonie rose to US$0.7161 or US$1=C$1.3965 by Friday morning. In contrast, the United States Dollar Index declined by 0.47 points to 99.47.

The TSX/S&P Composite Index also saw a significant jump, increasing by 205.57 points to 36,341.88. Meanwhile, gold prices surged, reaching US$4,411.80 per ounce after rising $112.50.

However, the oil market remained relatively flat, with Brent crude oil down US$0.46 at US$82.03 per barrel and West Texas Intermediate declining US$0.23 at US$77.06/barrel.