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Canadian Dollar and Business Outlook: Loonie, crude oil bounce back

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Glacier FarmMedia MarketsFarm – The Canadian dollar regained some strength on Wednesday.

The loonie was at US$0.7314 or US$1=C$1.3672 as of 8:58 a.m. CDT, compared to US$0.7307 or US$1=C$1.3686 on Tuesday. The United States Dollar Index lost 0.60 of a point at 103.67 due to a sharp rally in the Japanese yen.

Crude oil prices rebounded after a projected drawdown in U.S. stockpiles. Brent crude oil gained US$1.01 at US$84.74 per barrel. West Texas Intermediate (WTI) rose US$1.40 at US$82.16/barrel.

The TSX/S&P Composite Index dropped 66.67 points at 22,928.72.

Gold jumped US$16.10 per ounce at US$2,483.90.