Canadian Dollar and Business Outlook: Loonie, crude oil on the rise

The Canadian dollar made a move upwards on Wednesday.

The loonie was at US$0.7242 or US$1=C$1.3808 as of 8:34 a.m. CDT, compared to US$0.7220 or US$1=C$1.3851 on Tuesday.

The United States Dollar Index weakened 0.55 of a point at 104.00. The U.S. Federal Reserve will announce its latest key interest rate decision later today.

Crude oil prices jumped on Wednesday due to depleting U.S. inventories and the death of Hamas leader Ismail Haniyeh after a missile strike at Tehran. Brent crude oil gained US$2.00 at US$80.63 per barrel. West Texas Intermediate (WTI) rose US$2.l3 at US$76.86/barrel.

The TSX/S&P Composite Index surged 169.64 points at 22,994.31.

Gold added US$12.80 per ounce at US$2,464.70.