Glacier FarmMedia COVID-19 & the Farm

Canadian Dollar and Business Outlook: Loonie firm ahead of tweaks to trilateral deal

By MarketsFarm

WINNIPEG, Dec. 10 (MarketsFarm) – The Canadian dollar was steady Tuesday morning, as officials meet in Mexico City to make some alterations to the U.S.-Mexico-Canada Agreement (USMCA).

As of 8:50 CST, the Canadian dollar was at US$0.7554 or C$1.3233. That compares to Monday’s North American close of US$0.7556 or C$1.3235.

Canadian officials, along with their Mexican and U.S. counterparts, are set make some changes to the USMCA, which replaces NAFTA. With these changes, the U.S. Congress will proceed with ratifying the deal as will the Canadian Parliament. Mexico had approved the agreement earlier this year.

Crude oil prices were steady to lower Tuesday morning, amid reports of U.S. crude inventories may be down. Ahead of a U.S. government report, stockpiles are believed to be lower by 2.5 million barrels, according to a survey conducted by Bloomberg.

Brent crude oil slipped 15 cents at US$64.10 per barrel and West Texas Intermediate followed suit by 24 cents at US$58.78 per barrel. Western Canadian Select slipped six cents at US$38.93 per barrel.

The TSX/S&P Composite Index opened lower by 22.72 at 16,928.13 points.

Gold was up US$7.30 at US$1,472.20 per ounce.

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