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Loonie touches parity as both gold, oil gain traction

Published on August 3, 2012; Published on August 3, 2012

Topics :: New York Mercantile Exchange , U.S. , TORONTO

TORONTO - The Canadian dollar touched parity with the greenback Friday morning as commodities gained traction, a U.S. jobs report came in stronger than expected and the American dollar weakened against other currencies.

The loonie rose 0.71 of a cent to put it even with the U.S. dollar.

The July labour report said total U.S. nonfarm payrolls were up by 163,000, better than the 100,000 gain that was projected. The unemployment rate rose to 8.3 per cent, up 0.1 per cent.

In commodities, the September crude contract on the New York Mercantile Exchange lifted 97 cents to US$88.10 a barrel.

September copper moved up 1.8 cents to US$3.308 a pound while August gold rose 30 cents to US$1,591 an ounce.

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