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Canadian Dollar and Business Outlook: Loonie comes down as U.S. dollar strengthens

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Glacier FarmMedia MarketsFarm – After approaching 74 United States cents yesterday, the Canadian dollar retreated on Friday morning after the release of data from Statistics Canada (StatCan).

The loonie was at US$0.7369 or US$1=C$1.3570 as of 8:54 a.m. CDT, compared to US$0.7394 or US$1=C$1.3525 on Thursday. StatCan reported on Friday that retail sales dipped 0.3 per cent in January at C$67 billion.

The United States Dollar Index jumped 0.83 of a point at 104.27.

Crude oil prices were slightly above unchanged. Brent crude oil was up US$0.10 at US$85.88 per barrel. West Texas Intermediate (WTI) added US$0.06 at US$81.13/barrel.

The TSX/S&P Composite Index lost 32.82 points at 22,054.44.

Gold declined US$7.80 at US$2,176.90 per ounce.