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Canadian Dollar and Business Outlook

WINNIPEG, MB, Feb.9, 2018 (CNS Canada), Feb 09, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The Canadian dollar opened lower Friday, as a release from Statistics Canada showed 88,000 jobs were lost in January across the country.

At 9:03 CST Friday morning the Canadian dollar was at US$0.7934 or C$1.2597, which compares with Thursday's North American close of US$0.7946 or C$1.2585.

Oil prices fell for the sixth straight day Friday, making for the biggest weekly loss in six months. Record-high United States crude output added to concerns about a sharp rise in global supplies dragging the price down. Brent crude was down 64 cents to US$64.17 per barrel.

Canada lost 88,000 jobs in January giving the labour market its steepest one-month drop in nine years, according to a release by Statistics Canada Friday. The overall number was dragged down by a loss of 137,000 part-time positions in what was easily the category's largest one-month collapse since the agency started gathering data in 1976.

Wall Street opened sharply higher Friday as technology and financial stocks rose, however the S&P 500 and Dow Jones Industrial Average remained on track for their biggest weekly losses in at least six years. The Dow Jones gained 227.03 points, or 0.95 per cent, to 24,087.49. The S&P 500 added 25 points, or 0.96 per cent, to 2,606. The Nasdaq Composite rose 78.71 points, or 1.16 per cent, to 6,855.86.

The Toronto TSX/S&P Composite Index seesawed at open Friday as the financial and industrial groups rose, offsetting a decline in gold mining shares and in Sierra Wireless Inc. after the company reported a fourth quarter loss after the closing bell on Thursday. The TSX/S&P gained 15.29 points, or 0.1 per cent, to 15,080.90.

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