Canadian Dollar and Business Outlook: Loonie holding firm
Greenback, crude oil balancing off each other
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was relatively steady on Friday morning, in light of small upticks in the United States dollar and crude oil.
As of 8:31 am CDT, the loonie was at US$0.7297 or US$1=C$1.3703 compared to Thursday’s close of US$0.7300 or US$1=C$1.3698. On the U.S. Dollar Index, the greenback was up 0.198 of a point at 105.425.
Benchmark crude oil prices were slightly higher on Friday morning due to a tightening market.
Brent crude oil tacked on 29 cents at US$86.00 per barrel and West Texas Intermediate rose 32 cents at US$81.61.
Statistics Canada reported retail sales in April rose 0.7 per cent at C$66.8 billion but projected a 0.6 per cent for May.
Shortly after Friday’s open the TSX/S&P Composite Index slipped 56.52 points at 21,525.99.
Gold added US$3.60 at US$2,372.60 per ounce.
