Canadian Dollar and Business Outlook: Loonie down, TSX falls

Glacier FarmMedia MarketsFarm– The Canadian dollar retreated on Tuesday morning.

The loonie was at US$0.7380 or US$1=C$1.3550 as of 8:49 a.m. CST, compared to Monday’s close of US$0.7435 or US$1=C$1.3450.

The United States Dollar Index jumped 0.59 of a point at 104.76. The U.S. Labor Department reported today that the country’s consumer price index increased by 0.3 per cent from December to January, with prices up 3.1 per cent compared to one year ago.

Crude oil prices were also on the rise. Brent crude oil gained US$0.56 at US$82.56 per barrel. West Texas Intermediate (WTI) was up US$0.64 at US$77.56/barrel.

The TSX/S&P Composite Index was in freefall, losing 345.98 points at 20,721.32.

Gold fell US$23.60 at US$2,009.40 per ounce.