Canadian Dollar and Business Outlook: Loonie edges higher
Crude oil prices getting stronger
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar bumped up on Wednesday morning, due to another sharp upswing in crude oil.
As of 8:35 am CDT, the loonie was at US$0.7411 or US$1=C$1.3490 compared to Tuesday’s close of US$0.7405 or US$1=C$1.3504. On the U.S. Dollar Index, the greenback gained 0.289 of a point at 101.215.
Benchmark crude oil prices were stronger on Wednesday morning adding to the upswing that began with Israel’s invasion of Lebanon and Iran launching numerous ballistic missiles at Israel in retaliation.
Brent crude oil increased US$2.19 at US$75.75 per barrel and West Texas Intermediate advanced US$2.33 at US$72.16.
Shortly after Wednesday’s open the TSX/S&P Composite Index rose 35.44 points at 24,069.43.
Gold lost US$13.90 at US$2,676.40 per ounce.
