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

Glacier FarmMedia | MarketsFarm – The Canadian dollar made its way higher on Tuesday morning.

The loonie was at US$0.7252 or US$1=C$1.3789 as of 8:35 a.m. CDT, compared to Monday’s close at US$0.7240 or US$1=C$1.3813. The United States Dollar Index dropped 0.37 of a point at 99.46.

Bargain buying after prices fell to their lowest levels in four years caused crude oil to rebound. Brent crude oil jumped US$2.19 per barrel at US$62.42 and West Texas Intermediate rose US$2.25/barrel at US$59.38.

The TSX/S&P Composite Index added 11.61 points at 24,965.13.

Gold surged US$82.70 per ounce at $3,405.00.