Canadian Dollar and Business Outlook: Loonie holding firm

By Glen Hallick

Glacier Farm Media MarketsFarm – The Canadian dollar was virtually unchanged on Friday morning after the loonie pulled back following the Bank of Canada’s rate cut earlier this week.

As of 8:37 am CDT, the loonie was at US$0.7238 or US$1=C$1.3817 compared to Thursday’s close of US$0.7236 or US$1=C$1.3819. On the United States Dollar Index, the greenback shed 0.088 of a point at 104.020.

Benchmark crude oil prices bumped up on Friday morning as China’s sluggish economy continuing to weigh on values.

Brent crude oil was down 83 cents at US$81.54 per barrel and West Texas Intermediate gave up 77 cents at US$77.51.

Shortly after Friday’s open the TSX/S&P Composite Index added 162.34 points at 22,770.37.

Gold advanced US$25.00 at US$2,378.50 per ounce.