Canadian Dollar and Business Outlook: Loonie holding firm
Greenback, crude oil balance each other off
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was relatively steady on Thursday morning, despite weakness in the United States dollar and upticks in crude oil.
As of 8:35 am CDT, the loonie was at US$0.7305 or US$1=C$1.3686 compared to Wednesday’s close of US$0.7301 or US$1=C$1.3696. On the U.S. Dollar Index, the greenback was down 0.294 of a point at 105.420.
Benchmark crude oil prices were narrowly mixed on Thursday morning, as increasing Middle East tensions were countered by gains tempered by larger-than-expected U.S. stockpiles.
Brent crude oil dipped one cent at US$85.00 per barrel and West Texas Intermediate tacked on six cents at US$80.89.
Shortly after Thursday’s open the TSX/S&P Composite Index bumped up 49.60 points at 21,843.50.
Gold advanced US$20.20 at US$2,333.40 per ounce.
