Canadian Dollar and Business Outlook: Loonie, crude oil lower

Glacier FarmMedia MarketsFarm – The Canadian dollar was slightly down on Tuesday morning.

The loonie was at US$0.7365 or US$1=C$1.3578 as of 8:33 a.m. CST, compared to US$0.7368 or US$1=C$1.3572. The Bank of Canada (BoC) will announce its key interest rate decision on Wednesday with many analysts expecting rate cuts to be delayed until June at the earliest.

The United States Dollar Index was up 0.06 of a point at 103.89.

Crude oil prices were lower as extended production cuts by OPEC+ seemed to be already priced in. Brent crude oil dropped US$0.48 at US$82.32 per barrel. West Texas Intermediate (WTI) declined US$0.46 at US$78.28/barrel.

The TSX/S&P Composite Index gained 8.40 points at 21,539.47.

Gold was up US$13.60 at US$2,139.90 per ounce.