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

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Glacier FarmMedia — The Canadian dollar stepped up on Monday morning, getting support from increases in crude oil.

The loonie was at US$0.7227 or US$1=C$1.3837 as of 8:30 a.m. CDT, compared to Friday’s close at US$0.7218 or US$1=C$1.3854.

The United States Dollar Index added 0.18 of a point at 97.90.

Crude oil prices were higher on Monday due to Ukraine’s attacks on Russian energy infrastructure and the prospects of a rate cut by the U.S. Federal Reserve.

Brent crude oil was up US$0.43 per barrel at US$68.16/barrel. West Texas Intermediate increased US$0.49 at US$64.15/barrel.

The TSX/S&P Composite Index dropped 48.91 points at 28,284.22.

Gold was down US$9.60 per ounce at $3,408.90.