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Canadian Dollar and Business Outlook: Loonie hits five-month high

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Glacier FarmMedia MarketsFarm – The Canadian dollar surpassed the 74 United States cent mark on Monday morning for the first time since April.

The loonie was at US$0.7413 or US$1=C$1.3490 as of 8:36 a.m. CDT, compared to US$0.7392 or US$1=C$1.3529 on Friday.

The United States Dollar Index was up 0.10 of a point at 100.82.

Israel’s missile strikes on Lebanon over the weekend pushed crude oil prices higher. Brent crude oil jumped US$2.32 at US$81.34 per barrel. West Texas Intermediate (WTI) rose US$2.51 at US$77.34/barrel.

The TSX/S&P Composite Index gained 104.36 points at 23,390.44.

Gold surged US$14.50 per ounce at US$2,560.80.