Canadian Dollar and Business Outlook: Loonie gains a little bit of ground
Supported by small increases in crude oil
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar bumped up on Tuesday morning due to small gains in crude oil.
As of 8:42 am CDT, the loonie was at US$0.7286 or US$1=C$1.3720 compared to Monday’s close of US$0.7276 or US$1=C$1.3743. On the U.S. Dollar Index, the greenback was steady at 104.945.
Benchmark crude oil prices were slightly higher on Tuesday morning, as risk-on sentiment in the global markets edged out softer demand in China and India.
Brent crude oil added 22 cents at US$84.47 per barrel and West Texas Intermediate was up 24 cents at US$80.57.
Shortly after Tuesday’s open the TSX/S&P Composite Index rose 62.88 points at 21,650.76.
Gold added US$3.00 at US$2,332.00 per ounce.
