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

Glacier FarmMedia MarketsFarm – The Canadian dollar dropped below the 74 United States cent mark coming out of the Labour Day weekend.

The loonie was at US$0.7384 or US$1=C$1.3542 as of 8:34 a.m. CDT, compared to US$0.7412 or US$1=C$1.3491 on Friday. The Bank of Canada did not post an exchange rate on Monday due to the Labour Day holiday.

The United States Dollar Index was down 0.03 of a point at 101.62.

Economic concerns in China caused crude oil prices to tumble on Tuesday. Brent crude oil fell US$2.91 at US$74.61 per barrel. West Texas Intermediate (WTI) sank US$2.35 at US$71.20/barrel.

The TSX/S&P Composite Index shed 149.60 points at 23,196.58.

Gold was down US$2.20 per ounce at US$2,525.30.