Canadian Dollar and Business Outlook: Loonie adds some strength
Crude oil lower on trade war concerns
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was a little higher on Tuesday morning following the Liberal minority win in last night’s federal election.
As of 8:33 am CDT, the loonie was at US$0.7228 or US$1=C$1.3835 compared to Monday’s close of US$0.7220 or US$1=C$1.3850. On the index, the greenback nudged up 0.051 of a point at 98.840.
Benchmark crude oil prices pulled back on Tuesday morning, with ongoing concerns over the U.S./China trade war and weakening global demand.
Brent crude oil gave up US$1.33 at US$64.53 per barrel and West Texas Intermediate lost US$1.17 at US$60.88.
The TSX/S&P Composite Index tacked on 29.38 points at 24,827.97.
Gold was down US$22.50 at US$3,325.20 per ounce.
