Canadian Dollar and Business Outlook: Loonie, gold rebound

Glacier FarmMedia | MarketsFarm – The Canadian dollar bounced back on Thursday after dropping the day before following Donald Trump’s United States election win.

The loonie was at US$0.7210 or US$1=C$1.3870 as of 8:31 a.m. CST, compared to US$0.7176 or US$1=C$1.3935 on Wednesday.

The U.S. Dollar Index declined 0.55 of a point at 104.54. The Federal Reserve will make its key interest rate announcement this afternoon.

Crude oil maintained its downward momentum. Brent crude oil dropped US$0.70 at US$74.22 per barrel. West Texas Intermediate (WTI) lost US$0.81 at US$70.88/barrel.

The TSX/S&P Composite Index added 12.14 points at 24,649.59.

Gold recovered some of Wednesday’s losses, rising US21.40 per ounce at US$2,697.70.