Canadian Dollar and Business Outlook: Loonie down, gold in freefall

Glacier FarmMedia MarketsFarm – The Canadian dollar dipped below the 73 United States cent mark on Friday morning.

The loonie was at US$0.7278 or US$1=C$1.3740 as of 8:37 a.m. CDT, compared to US$0.7301 or US$1=C$1.3696 on Thursday. The United States Dollar Index gained 0.14 of a point at 104.31.

Crude oil prices were lower despite the collision of two oil tankers off the coast of Singapore this morning. Brent crude oil dropped US$0.76 at US$84.35 per barrel. West Texas Intermediate (WTI) fell US$0.83 at US$81.99/barrel.

The TSX/S&P Composite Index lost 66.72 points at 22,662.62.

Gold plummeted US$58.70 per ounce at US$2,397.70 due to a stronger U.S. dollar.