Canadian Dollar and Business Outlook: Loonie back on the rise
Getting support from higher crude oil
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar turned around on Friday morning resuming its upward trajectory, benefitting from a dip in its United States counterpart and upticks in crude oil.
As of 8:40 am CDT, the loonie was at US$0.7364 or US$1=C$1.3579 compared to Thursday’s close of US$0.7352 or US$1=C$1.3602. On the U.S. Dollar Index, the greenback dipped 0.019 of a point at 101.380.
Benchmark crude oil prices were higher on Friday morning ahead of the speech to be given today by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium.
Brent crude oil added 94 cents at US$78.16 per barrel and West Texas Intermediate rose US$1.08 at US$74.09.
Shortly after Friday’s open the TSX/S&P Composite Index gained 136.94 points at 23,174.41.
Gold jumped US$18.60 at US$2,535.30 per ounce.
