Canadian Dollar and Business Outlook: Loonie finding strength

By Glen Hallick

Glacier FarmMedia MarketsFarm – The Canadian dollar turned around to push higher on Tuesday morning due to weakness in its United States counterpart and a good economic news. Declines in crude oil tempered the upside.

As of 8:37 am CDT, the loonie was at US$0.7294 or US$1=C$1.3709 compared to Monday’s close of US$0.7270 or US$1=C$1.3755. On the U.S. Dollar Index, the greenback stepped back 0.280 of a point at 97.730.

Statistics Canada reported on Tuesday that inflation held steady in May at 1.7 per cent as increases in rent slowed.

Benchmark crude oil prices remained weaker on Tuesday morning, due to a Qatari-brokered ceasefire deal between Iran and Israel.

Brent crude oil fell US$3.45 at US$68.03 per barrel and West Texas Intermediate dropped US$3.38 at US$65.13.

Shortly after the TSX/S&P Composite Index opened, it slipped 38.07 points at 26,571.29.

Gold retreated US$70.40 at US$3,324.80 per ounce.