Canadian Dollar and Business Outlook: Loonie, crude oil higher

Glacier FarmMedia | MarketsFarm – The Canadian dollar moved closer to the 70 United States cent level on Wednesday morning.

The loonie was at US$0.6984 or US$1=C$1.4318 as of 8:35 a.m. CST, compared to Tuesday’s close at US$0.6958 or US$1=C$1.4371.

The United States Dollar Index lost 0.60 of a point at 108.67 after it was reported the country’s inflation rate increased to 2.9 per cent, less than expected, in December.

Crude oil was up on Wednesday as the European Union considers a ban on Russian natural gas. Brent crude oil gained US$0.62 at US$80.54 per barrel. West Texas Intermediate (WTI) added US$0.77 at US$78.27/barrel.

The TSX/S&P Composite Index surged 248.87 points at 24,837.45.

Gold jumped US$29.60 per ounce at US$2,711.90.