Your Reading List

Canadian dollar and business outlook

Reading Time: < 1 minute

Published: November 4, 2022

By MarketsFarm

WINNIPEG, Nov. 4 (MarketsFarm) – The Canadian dollar was sharply stronger Friday morning, boosted by solid domestic jobs data and a rally in crude oil.
At 8:41 a.m. CDT Friday morning the Canadian dollar was at US$0.7390 or US$1=C$1.3532, which compares with Thursday’s close of US$0.7273 or US$1=C$1.3749.
Canada’s economy added 108,000 jobs in October, with the unemployment rate holding steady at 5.2 per cent as the labour participation rate also increased, according to a report from Statistics Canada. The jobs data beat average pre-report expectations for a much more modest jobs increase.
United States employment data saw non-farm payrolls increase by 261,000 in October, also beating expectations. However, the unemployment rate increased to 3.7 per cent, from 3.5 per cent, as participation in the labour force dipped slightly.
Crude oil was climbing higher Friday morning, with West Texas Intermediate up by 4.5 per cent at US$92.18 per barrel.
The TSX was up by 305.24 points at 8:41 CDT, trading at 19,546.46 points.

About the author

GFM Network News

GFM Network News

Glacier FarmMedia Feed

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

explore

Stories from our other publications