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Canadian Dollar and Business Outlook

By Commodity News Service Canada

WINNIPEG, Dec. 7 (CNS Canada) – The Canadian dollar was up Friday morning.

At 8:49 CST Friday morning the Canadian dollar was at US$0.7530 or C$1.3277, which compares with Thursday’s North American close of US$0.7460 or C$1.3404.

More than 94,000 jobs, largely full-time, were created last month according to figures released Friday by Statistics Canada. November’s gains were the largest number of jobs created in one month in more than 40 years. This lowered Canada’s unemployment rate from 5.8 per cent to 5.6 per cent.

Oil prices were up Friday morning. West Texas Intermediate crude was at US$53.48 per barrel after closing Thursday at US$51.49.

After a second round of meetings in Vienna on Friday, OPEC and Russia reached an agreement on production cuts. The deal will see OPEC’s members and Russia reduce their oil production by 1.2 million barrels per day.

Gold was up Friday morning by US$5.30 to US$1,245.00 per ounce.

The TSX/S&P Composite Index was up 96.79 points Friday morning at 15,033.79.

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