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Canadian Dollar and Business Outlook: Loonie, crude oil make gains

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Glacier FarmMedia | MarketsFarm – The Canadian dollar surpassed the 70 United States cent mark on Tuesday morning.

The loonie was at US$0.7003 or US$1=C$1.4280 as of 8:32 a.m. CDT, compared to Monday’s close at US$0.6984 or US$1=C$1.4318.

The U.S. Dollar Index was down 0.19 of a point at 104.08. There were news reports on Monday that U.S. President Donald Trump might not impose sector-specific tariffs come April 2.

Crude oil was higher on Tuesday, one day after Trump threatened other countries buying Venezuelan oil with a 25 per cent tariff. West Texas Intermediate (WTI) gained US$0.46 at US$69.57 per barrel. Brent crude oil rose US$0.46 at US$69.57/barrel.

The TSX/S&P Composite Index jumped 109.53 points at 25,413.64.

Gold added US$12.10 per ounce at $3,027.70.