Canadian Dollar and Business: Loonie pulling back

By Glen Hallick

Glacier Farm Media MarketsFarm – The Canadian dollar fell back on Wednesday morning, due to an uptick in the United States dollar and small losses in crude oil prices.

As of 8:35 am CDT, the loonie was at US$0.7354 or US$1=C$1.3598 compared to Tuesday’s close of US$0.7368 or C$1.3572. On the U.S. Dollar Index, the greenback bumped up 0.144 of a point at 104.135.

Benchmark crude oil prices eased back on Wednesday morning, after the American Petroleum Institute reported U.S. stockpiles grew by 9.3 million barrels last week. Declines were limited by Middle East tensions and OPEC+ production cuts.

Brent crude oil gave up 46 cents at US$85.79 per barrel, while West Texas Intermediate also lost 43 cents at US$81.19.

Shortly after Wednesday’s open the TSX/S&P Composite Index was up 47.87 points at 21,960.39.

Gold rose US$7.90 at US$2,207.10 per ounce.