The Canadian dollar continued to trade well above parity Friday morning as metal and oil futures continued to advance.
Gold advanced for a second consecutive day today, bouncing back today to trade at U.S. $902.20 per ounce on Friday at 11:50 a.m. Oil also continued to trade in record territory after falling below US$125 per barrel in trading Wednesday. Oil's rapid advance today is due in large part to the disruption of Nigerian oil supplies after a pipeline was damaged Thursday in the country. By the noon hour on Friday crude oil was trading near US$127 a barrel, at $126.75.
In Canada, new motor vehicle sales for the month of April declined by 0.5 per cent, further evidence that the Canadian economy is suffering from the spillover effect of the underperforming U.S. economy.
By 1:30 p.m. Friday the Canadian dollar was trading at 1.0006, against the U.S. dollar.
Market report prepared by Bruce Hauser
Accu-Rate Corp.
2573 Carling Ave. Ottawa, ON K2B 7H7
Tel: (613) 596-5505
E-mail: bruce@accu-rate.ca
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