Canadian Dollar and Business Outlook: Loonie eases back
Seeking direction as to which way to go
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar drifted lower on Monday morning, as its United States counterpart and global crude oil prices provided little direction.
As of 8:34 am CST, the loonie was at US$0.7398 or US$1=C$1.3514 compared to Friday’s close of US$0.7411 or C$1.3494. On the U.S. Dollar Index, the greenback gave up 0.124 of a point at 103.735.
Benchmark crude oil prices were relatively steady on Monday morning, as analysts at the International Energy Week conference in London await signals for a clear direction.
Brent crude oil shed five cents at US$81.57 per barrel, while West Texas Intermediate tacked on 10 cents at US$76.59.
In the Statistics Canada survey on business conditions for the first quarter of 2024, almost 74 per cent said they expect to face cost-related obstacles over the next three months. More than 55 per cent said inflation will be one of those obstacles.
Shortly after Monday’s open the TSX/S&P Composite Index slipped 40.78 points at 20,372.37.
Gold dropped US$10.50 at US2,038.90 per ounce.
