Canadian Dollar and Business: Loonie nudges up
Upticks limited by softer crude oil prices
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was somewhat higher on Wednesday morning, but with further gains limited by declines in crude oil.
As of 8:36 am CDT, the loonie was at US$0.7248 or US$1=C$1.3795 compared to Tuesday’s close of US$0.7235 or C$1.3821. On the United States Dollar Index, the greenback eased back 0.110 of a point at 105.955.
Benchmark crude oil prices stepped back on Wednesday morning, as the strong likelihood of increased U.S. inventories weighed on values.
Brent crude oil was down US$1.33 at US$88.69 per barrel and West Texas Intermediate lost US$1.19 at US$84.17.
Shortly after Wednesday’s open the TSX/S&P Composite Index added 103.29 points at 21,746.16.
Gold gave up US$4.70 at US$2,403.10 per ounce.
