Canadian Dollar and Business Outlook: Loonie back above 74 U.S. cents

Glacier FarmMedia MarketsFarm – The Canadian dollar made its way back above the psychological 74 U.S. cent mark Thursday morning.

The loonie was at US$0.7401 or US$1=C$1.3512 as of 8:40 a.m. CDT, compared to US$0.7394 or US$1=C$1.3525 on Wednesday.

The United States Dollar Index was down 0.26 of a point at 101.10.

An increased likelihood of OPEC+ delaying an influx of crude oil output caused prices to tick upward. Brent crude oil added US$0.80 at US$73.50 per barrel. West Texas Intermediate (WTI) rose US$0.83 at US$70.03/barrel.

The TSX/S&P Composite Index jumped 95.63 points at 23,136.39.

Gold surged US$21.20 per ounce at US$2,547.20.