Canadian Dollar and Business Outlook: Little movement in loonie

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar was relatively steady on Friday morning, due to a firm United States dollar and modest upticks in crude oil.

As of 8:44 am CDT, the loonie was at US$0.7220 or US$1=C$1.3851 compared to Thursday’s close of US$0.7223 or US$1=C$1.3845. On the U.S. Dollar Index, the greenback shed 0.019 of a point at 103.900.

Benchmark crude oil prices were higher on Friday morning due to ongoing tensions in the Middle East.

Brent crude oil added US$1.08 at US$75.46 per barrel and West Texas Intermediate rose US$1.08at US$71.27.

Statistics Canada reported on Friday that retail sales in August were up 0.4 per cent at C$66.6 billion and ahead of the agency’s next report, a similar increase was projected for September.

Shortly after Friday’s open the TSX/S&P Composite Index nudged up 9.86 points at 24,561.41.

Gold was down US$8.60 at US$2,740.20 per ounce.