Canadian Dollar and Business Outlook: Loonie eases back
Crude up after worst losses in two years
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar dipped Tuesday morning due to gains in its United States counterpart.
As of 8:34 am CDT, the loonie was at US$0.7190 or US$1=C$1.3907 compared to Monday’s close of US$0.7197 or US$1=C$1.3895. On the U.S. Dollar Index, the greenback rose 0.287 of a point at 104.440.
Benchmark crude oil prices were moderately higher on Tuesday morning, as the market’s attention shifted away from reduced Middle East tensions to supply. Yesterday’s sharp declines were the worst daily losses in two years.
Brent crude oil tacked on 45 cents at US$71.87 per barrel and West Texas Intermediate was up 44 cents at US$67.82.
Shortly after Tuesday’s open, the TSX/S&P Composite Index was down 56.97 points at 24,508.69.
Gold added US$11.30 at US$2,767.20 per ounce.
