Canadian Dollar and Business Outlook: Loonie holding firm
U.S. dollar, crude balance each other
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was relatively steady on Tuesday morning, as the United States dollar global crude oil prices essentially balanced each other.
As of 8:36 am CST, the loonie was at US$0.7388 or US$1=C$1.3532 compared to Monday’s close of US$0.7393 or C$1.3527.
On the U.S. Dollar Index, the greenback tacked on 0.021 of a point at 104.340.
Benchmark crude oil prices made small gains on Tuesday morning, due to from Middle East tensions and a surge in China’s stock market. However, the strong likelihood of the U.S. Federal Reserve will not cut its interest rates any time soon put a cap on increases.
Brent crude oil added 41 cents at US$78.40 per barrel, while West Texas Intermediate rose 49 cents at US$73.27.
Shortly after Tuesday’s open the TSX/S&P Composite Index gained 58.03 points at 21,929.92.
Gold was up US$3.40 at US2,046.30 per ounce.
