Canadian Dollar and Business Outlook: Loonie gives up a little bit of ground
No support from higher crude oil prices
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar slipped back on Friday morning, despite support from global crude oil prices.
As of 8:40 am CST, the loonie was at US$0.7358 or US$1=C$1.3589 compared to Thursday’s close of US$0.7369 or C$1.3570. On the U.S. Dollar Index, the greenback was virtually unchanged at 104.100.
Benchmark crude oil prices were on the rise Friday morning, as tensions throughout much of the Middle East affected global supplies, especially ongoing Houthi attacks on commercial vessels in the Red Sea.
Brent crude oil added US$1.25 at US$83.16 per barrel, while West Texas Intermediate climbed US$1.39 at US$79.65.
Shortly after Friday’s open the TSX/S&P Composite Index gained 112.72 points at 21,476.33.
Gold rose US$10.00 at US2,064.70 per ounce.
