Canadian Dollar and Business Outlook: Loonie finds more strength

By Glen Hallick

Glacier Farm Media MarketsFarm – The Canadian dollar edged higher on Tuesday morning as its United States counterpart pushed lower and despite another round of declines in crude oil.

As of 8:35 am CDT, the loonie was at US$0.7340 or US$1=C$1.3624 compared to Monday’s close of US$0.7325 or US$1=C$1.3651. On the U.S. Dollar Index, the greenback slipped 0.201 of a point at 101.530.

Statistics Canada reported on Tuesday that the July consumer price index fell to 2.5 per cent from 2.7 per cent in June. July’s rate of inflation marked the lowest the country has seen since March 2021.

Benchmark crude oil prices were firm on Tuesday morning as ongoing sluggishness in China’s economy was balanced off by high Middle east tensions.

Brent crude oil nudged up four cents at US$77.70 per barrel and West Texas Intermediate was unchanged at US$74.37.

Shortly after Tuesday’s open the TSX/S&P Composite Index dipped 30.30 points at 23,086.09.

Gold advanced US$22.80 at US$2,564.20 per ounce.