Canadian Dollar and Business Outlook: Loonie adds more ground
Greenback dips as crude nudges up
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar climbed higher on Wednesday morning, aided by slight declines in the United States dollar and small upticks in crude oil.
As of 8:36 am CST, the loonie was at US$0.7371 or C$1.3568, compared to Tuesday’s close of US$0.7353 or US$1=C$1.3599. On the U.S. Dollar Index, the greenback dipped 0.079 of a point at 103.385.
The U.S. Federal Reserve is set to make its next interest rate announcement later today, with analysts expecting another rate freeze.
Benchmark crude oil prices were slightly higher on Wednesday morning, correcting after concerns over excess supply pulled down prices.
Brent crude oil tacked on 28 cents at US$73.52 per barrel, while West Texas Intermediate added 31 cents at US$68.92.
Shortly after Wednesday’s open the TSX/S&P Composite Index edged back 83.42 points at 20,150.42.
Gold added US$4.50 at US$1,997.70 per ounce.
