Canadian Dollar and Business Outlook: Loonie cracks 73 U.S. cents

By Glen Hallick

Glacier Farm Media MarketsFarm – The Canadian dollar nudged up on Monday morning as its United States counterpart pulled back.

As of 8:37 am CDT, the loonie was at US$0.7318 or US$1=C$1.3668 compared to Friday’s close of US$0.7296 or US$1=C$1.3707. On the United States Dollar Index, the greenback lost 0.222 of a point at 102.085.

Benchmark crude oil prices dipped on Monday morning due to lackluster demand, but the trade continued to keep an eye on Middle East developments with tensions set to increase in the region.

Brent crude oil gave up 12 cents at US$79.56 per barrel and West Texas Intermediate slipped three cents at US$76.62.

Statistics Canada is scheduled to release its July inflation data on Tuesday. Analysts projected the consumer price index to fall to 2.4 per cent from 2.7 per cent in June.

Shortly after Monday’s open the TSX/S&P Composite Index added 57.06 points at 23,111.67.

Gold pulled back US$10.20 at US$2,527.60 per ounce.