Canadian Dollar and Business Outlook: Loonie edges higher
Upticks in crude help to push up CDN$
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was higher on Monday morning, due to declines in its United States counterpart and small increases in crude oil.
As of 8:35 am CDT, the loonie was at US$0.7312 or US$1=C$1.3674 compared to Friday’s close of US$0.7298 or US$1=C$1.3702. On the U.S. Dollar Index, the greenback gave up 0.318 of a point at 105.125.
Benchmark crude oil prices nudged up on Monday morning, as global supplies tightened, and the U.S. dollar weakened.
Brent crude oil tacked on 10 cents at US$85.81 per barrel and West Texas Intermediate rose 11 cents at US$81.40.
Shortly after Monday’s open the TSX/S&P Composite Index bumped up 80.35 points at 21,635.21.
Gold gained US$8.40 at US$2,339.60 per ounce.
