Canadian Dollar and Business Outlook: Loonie, crude oil down after Trump win

Glacier FarmMedia | MarketsFarm – The Canadian dollar tumbled on Wednesday morning following the re-election of former United States president Donald Trump.

The loonie was at US$0.7166 or US$1=C$1.3955 as of 8:34 a.m. CST, compared to US$0.7218 or US$1=C$1.3854 on Tuesday.

The U.S. Dollar Index surged by gaining 1.85 points at 105.27. The Federal Reserve will make its key interest rate announcement on Wednesday afternoon.

Crude oil dropped in another effect of Trump’s victory. Brent crude oil fell US$1.37 at US$74.16 per barrel. West Texas Intermediate (WTI) declined US$1.29 at US$70.70/barrel.

The TSX/S&P Composite Index rose 112.50 points at 24,550.40.

Gold suffered a calamitous fall, losing US$81.10 per ounce at US$2,668.60.