Canadian Dollar and Business Outlook: Loonie down, crude oil receives boost

The Canadian dollar made a slow climb upward on Wednesday morning.

The loonie was at US$0.7181 or US$1=C$1.3920 as of 8:41 a.m. CDT, slightly higher than US$0.7177 or US$1=C$1.3926 at Tuesday’s close. The United States Dollar Index was down 0.59 of a point at 99.62.

The Bank of Canada announced this morning it was leaving its key interest rate unchanged at 2.75 per cent. It was the first time the rate stayed the same since June.

Speculation over potential trade talks between the U.S. and China lifted crude oil prices. West Texas Intermediate (WTI) increased US$0.75 at US$62.08 per barrel. Brent crude oil rose US$0.69 at US$65.36/barrel.

The TSX/S&P Composite Index gained 78.94 points at 24,146.87.

Gold jumped US$80.50 per ounce at $3,320.90.