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

Glacier FarmMedia MarketsFarm – The Canadian dollar took a small step back on Friday morning.

The loonie was at US$0.7408 or US$1=C$1.3499 as of 8:32 a.m. CST, compared to Thursday’s close of US$0.7411 or US$1=C$1.3493. The United States Dollar Index was up 0.30 of a point at 104.60.

Crude oil prices were higher as gains due to Middle East tensions were tempered by higher-than-expected inflation in the U.S. Brent crude oil added US$0.15 at US$83.01 per barrel. West Texas Intermediate (WTI) increased US$0.59 at US$78.62/barrel.

The TSX/S&P Composite Index gained 17.42 points at 21,240.11.

Gold was down US$5.60 at US$2,009.30 per ounce.