Glacier FarmMedia – The Canadian dollar stepped up on Friday due to the ongoing rise in crude oil prices and underwhelming jobs data in the United States.
The loonie closed at US$0.7346 or US$1=C$1.3613, compared to US$0.7312 or US$1=C$1.3677 on Thursday.
The United States Dollar Index lost 0.42 of a point at 98.90. The U.S. Bureau of Labor Statistics reported this morning that 92,000 jobs were lost in the U.S. in February with the unemployment rate moving up to 4.4 per cent.
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Crude oil jumped again and surpassed the US$90 per barrel level for the first time in two years. Qatar’s energy minister warned that all oil and gas production in the Gulf region could come to a halt due to the war in the coming days.
West Texas Intermediate climbed US$9.78 per barrel at US$90.79. Brent crude oil surged US$6.88/barrel at US$92.29.
Inflation fears and the U.S. jobs report weighed heavily on the TSX/S&P Composite Index for a second straight day, losing 526.25 points at 33,083.72.
Gold rose US$95.00 per ounce at US$5,173.70.
