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Canadian Dollar and Business Outlook: Loonie down, crude oil drops

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Glacier FarmMedia MarketsFarm – The Canadian dollar eased off on Friday morning as the Labour Day weekend approaches.

Markets in Canada and the U.S. will not trade on Monday due to Labour Day.

The loonie was at US$0.7412 or US$1=C$1.3492 as of 8:31 a.m. CDT, compared to US$0.7422 or US$1=C$1.3474 on Thursday.

The United States Dollar Index increased 0.25 of a point at 101.59.

Crude oil erased most, if not all of its gains from Thursday. Brent crude oil dropped US$1.06 at US$78.88 per barrel. West Texas Intermediate (WTI) fell US$1.63 at US$74.28/barrel.

The TSX/S&P Composite Index added 27.47 points at 23,254.96.

Gold declined US$10.50 per ounce at US$2,549.80.