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Canadian Dollar and Business Outlook: Loonie, crude oil prices climb upward

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Glacier FarmMedia | MarketsFarm – The Canadian dollar had positive momentum on Wednesday morning.

The loonie was at US$0.7010 or US$1=C$1.4265 as of 8:31 a.m. CDT, compared to Tuesday’s close at US$0.6995 or US$1=C$1.4296. The United States Dollar Index was up 0.24 of a point at 104.43.

Reports of declining U.S. stockpiles lifted crude oil prices on Wednesday. West Texas Intermediate (WTI) gained US$0.72 at US$69.72 per barrel. Brent crude oil rose US$0.76 at US$73.78/barrel.

The TSX/S&P Composite Index added 52.36 points at 25,391.87.

Gold was up US$5.00 per ounce at $3,030.90.