Canadian Dollar and Business Outlook: Loonie holding firm
Near equilibrium between greenback, crude oil
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was virtually unchanged on Thursday morning, as a weaker United States dollar was balanced off by declines in crude oil prices.
As of 8:37 am CST, the loonie was at US$0.7577 or C$1.3195, compared to Wednesday’s close of US$0.7543 or US$1=C$1.3258.
On the U.S. Dollar Index, the greenback dipped 0.014 of a point at 100.640.
Benchmark crude oil prices eased back Thursday morning, due to large U.S. inventories outweighing OPEC+ production cuts and shipping issues in the Red Sea.
Brent crude oil gave up 95 cents at US$78.70 per barrel, while West Texas Intermediate shed 77 cents at US$73.34.
Shortly after Thursday’s open the TSX/S&P Composite Index slipped 31.86 points at 20,984.05.
Gold lost US$6.90 at US2,086.20 per ounce.
