Canadian Dollar and Business Outlook: Loonie holding firm
OPEC+ could reverse production increases
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was virtually unchanged on Thursday morning as increases in the United States dollar and crude oil essentially canceled each other.
As of 8:35 am CDT, the loonie was at US$0.7302 or US$1=C$1.3697 compared to Wednesday’s close of US$0.7301 or US$1=C$1.3696. On the U.S. Dollar Index, the greenback inched up 0.039 of a point at 104.260.
Benchmark crude oil prices were a pinch higher on Thursday morning as Saudi Arabia’s oil minister stated the forthcoming OPEC+ production increases can be reversed. As Brent crude oil tacked on 26 cents at US$78.67 per barrel, West Texas Intermediate added 28 cents at US$74.35.
Shortly after Thursday’s open the TSX/S&P Composite Index dipped 19.55 points at 22,125.47.
Gold nudged up 10 cents at US$2,375.60 per ounce.
