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

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Glacier FarmMedia | MarketsFarm – The Canadian dollar retreated from the 70 United States cent mark on Thursday morning.

The loonie was at US$0.6976 or US$1=C$1.4335 as of 8:33 a.m. CST, compared to Wednesday’s close at US$0.6995 or US$1=C$1.4295. The U.S. Dollar Index gained 0.46 of a point at 108.04.

Crude oil was on the rise after Saudi Arabia raised its prices. Brent crude oil increased US$0.63 at US$75.24 per barrel. West Texas Intermediate (WTI) advanced US$0.70 at US$71.73/barrel.

The TSX/S&P Composite Index was up 74.62 points at 25,644.46.

Gold dipped US$9.50 per ounce at US$2,883.50.