Canadian Dollar and Business Outlook: Loonie holding firm
Earlier declines due to interest rate cuts
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was virtually unchanged on Friday morning, as the loonie’s previous declines, due to the Bank of Canada’s more aggressive interest rate cuts compared to those by the United States Federal Reserve, seem to have run their course.
As of 8:36 am CDT, the loonie was at US$0.7185 or US$1=C$1.3919 compared to Thursday’s close of US$0.7186 or US$1=C$1.3915. On the U.S. Dollar Index, the greenback eased back 0.018 of a point at 103.860.
Benchmark crude oil prices were on the rise Friday morning following reports of Iran planning to attack Israel using its proxies.
Brent crude oil climbed US$1.71 at US$74.52 per barrel and West Texas Intermediate gained US$1.83 at US$71.09.
Shortly after Friday’s open, the TSX/S&P Composite Index rose 111.32 points at 24,268.19.
Gold advanced US$19.60 at US$2,768.90 per ounce.
