Canadian Dollar and Business Outlook: Crude oil, loonie give up ground
Greenback also shifts lower, tempering loonie's losses
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar stepped back on Tuesday morning, along with declines in crude oil prices. However, those losses were tempered by a somewhat weaker United States dollar.
As of 8:40 am CST, the loonie was at US$0.7348 or C$1.3607, compared to Monday’s close of US$0.7369 or US$1=C$1.3570. On the U.S. Dollar Index, the greenback was down 0.283 of a point at 103.420.
Benchmark crude oil prices fell back on Tuesday morning, as oversupply was seen as outweighing OPEC+ production cuts.
Brent crude oil gave up US$1.94 at US$74.09 per barrel, while West Texas Intermediate lost US$1.88 at US$69.44.
Shortly after Tuesday’s open the TSX/S&P Composite Index dropped 105.38 points at 20,212.98.
Gold was up US$6.30 at US$2,000.00 per ounce.
